3D Systems Management Shakeup: McMullen To Be New CFO
Zacks Investment Research | Jun 15, 2016 10:03PM ET
Leading 3D printer maker 3D Systems Corporation (NYSE:DDD) announced that its Chief Financial Officer’s position has been taken up by veteran executive John N. McMullen, who was most recently serving as the Executive Vice President and CFO of Eastman Kodak Co. (NYSE:KODK) .
Management Shakeup
This appointment closely follows last week’s management shakeup with the company’s chief operating officer Mark Wright and chief merchandising officer Cathy Lewis resigning from their positions. McMullen’s predecessor David Styka, who spent only about a year as the company’s CFO, has chosen to stay with the 3D printer company to provide operational and financial support to the management.
McMullen brings to the table over three decades of experience in progressive finance leadership. Before Kodak, he had a successful career of 32 years at HP Inc. (NYSE:HPQ) , where he fulfilled various finance positions.
3D Systems expects McMullen to leverage his significant aptitude to help build an effective business model, as well as devise a suitable cost structure and scalable process, to enable the company to drive its profitability. His appointment will be effective from Jul 1, 2016.
Short Term Challenges
The executive overhaul seems to be part of management’s strategy to restructure the company under its new leader and former HP printing chief Vyomesh Joshi, who was named the CEO just two months back.
Similar to other 3D printing companies, 3D Systems has faced a lot of turbulence and has struggled with execution and performance in the past year and a half.
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