Stratasys CEO David Reis to resign

He'll be replaced by board member Ilan Levin on June 30.
Written by Natalie Gagliordi, Contributor

Stratasys announced today that current CEO David Reis has resigned. He'll be replaced by board member Ilan Levin on June 30. Stratasys said Reis will keep his seat on the company's board.

The shakeup comes a week after Stratasys named former IBM veteran Tim Bohling as its new chief marketing officer. It also comes as Stratasys tries to rekindle growth in its 3D printing business.

Stratasys has been looking to hardware innovations to boost sales and offset a slowdown in demand among 3D printer manufacturers. In April, the company introduced a 3D printer named the J750 that allows enterprises to mix and match colors and materials to create prototypes that come close to production products faster.

But despite new products, Stratasys still faces a difficult road ahead as customers pull back on spending, especially in the consumer segment. The company was forced to write down the value of its MakerBot unit in October citing a series of issues such as a weaker economy, lower capital spending and excess inventory.

In fourth-quarter financial report released in March, Stratasys said its losses widened sharply.

As for incoming CEO Levin, he previously served as president and vice chairman of the board for Objet Ltd., which merged with Stratasys in 2012.

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