The CFO of Velo3D resigns, resulting in an instant decline in the company’s stock.


Velo3D, a leading technology supplier in the additive manufacturing industry, recently announced a change in its executive team. William McCombe, who has been serving as the Chief Financial Officer (CFO), will be stepping down from his position to pursue other career opportunities. In his place, Bernard Chung, Velo3D’s Vice President of Finance, will assume the role of Acting CFO.

Both McCombe and Chung joined Velo3D in 2020, a significant period when the company began its journey towards going public. McCombe played a crucial role in leading the company through the listing process and helping it grow into one of the industry’s top technology suppliers. While he will be leaving his primary role, McCombe will continue to assist with transitional duties until November 7, 2023. He will also be present for the company’s third-quarter earnings conference call on that day.

CEO Benny Buller expressed his gratitude to McCombe for his dedication and leadership over the last three years. He also welcomed Chung as the Acting CFO and praised his more than 20 years of finance experience, expressing confidence in a seamless transition.

McCombe’s background includes positions as CFO at HZO, Maxar Technologies, and Senior VP at Maxar subsidiary SSL. He also has experience as a Managing Director at Bank of America Merril Lynch.

Chung, a finance professional with over two decades of experience, has held influential positions across various industries before joining Velo3D. He served as a director and audit manager for KPMG and is a Certified Public Accountant. LinkedIn insights highlight his pivotal role in preparing Velo3D for its public listing via a special purpose acquisition company (SPAC) merger.

The announcement of the CFO transition had an impact on Velo3D’s stock, which had already been trending downwards. The day after the news, the stock opened at $1.41, dropping by 20% to close at $1.13. It’s important to consider the broader stock trajectory rather than solely attributing the drop to the CFO’s departure. Simply Wall St. analysis revealed a 46% drop in Velo3D’s shares over the last twelve months.

Despite the challenges faced by Velo3D in the stock market, the company’s financials started on a positive note in 2023, with revenues surging by 120% primarily driven by the demand for the Sapphire XC product line. However, the company reported a net loss in the subsequent quarter and missed analyst projections for both net loss and revenue.

While sudden executive transitions can provoke market speculations and reactions, it’s crucial to view them in the broader company and market context. McCombe’s departure, though amicable, might be perceived as a sign of internal instability. However, with Chung’s experience and his established relationship with Velo3D, a smooth transition can be expected.

This transition comes at a critical time for Velo3D, as they navigate stock market challenges and strive to achieve profitability. The next few months will reveal how well the company handles this transition and progresses towards its goals.

Original source


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