- Michael Burger to retire as President and CEO effective July 1st, 2023
- Yuval Wasserman will become Executive Chairman immediately and will assume the position of Chairman and Interim CEO on July 1st, 2023
Michael Burger has informed the company that he intends to retire as president and chief executive officer. This retirement will take effect on July 1st, 2023, according to FARO® (Nasdaq: FARO), a global leader in 3D measurement, imaging, and realization solutions for the 3D Metrology, AEC (Architecture, Engineering & Construction), and Public Safety Analytics markets. Yuval Wasserman, the board’s current chairman, has been named as executive chairman with effect from May 4, 2023, and chairman and interim CEO with effect from July 1, 2023. To help with the transition, Mr. Burger will continue to serve as a strategic advisor to the Company and Mr. Wasserman.
“I would like to thank Michael for his many contributions during his tenure as President and CEO of FARO,” said Yuval Wasserman, the board’s chairman. “On behalf of the board, the company, and its stakeholders.” Under Michael’s direction, FARO has started a new strategy to expand its product lines, served markets, and target applications by transitioning to a SaaS model and outsourcing our manufacturing. Even though it is still in its early stages, this new strategy positions FARO for expansion, diversification, and value creation. I’d like to send Michael my sincere congratulations on his retirement. We’ll move more quickly towards appointing a new CEO for FARO as we carry out our strategy and improve our operations.
In his statement, Mr. Burger said, “During my four years as president and chief executive officer of FARO, we have concentrated on developing a clear plan to support the company’s long-term growth. I am pleased with the advancements made by our staff members and have complete faith in the group of highly qualified leaders we have assembled. In order to make the transfer go well, I am looking forward to working with Yuval and our board.
From 2014 until 2021, Yuval Wasserman served as President and CEO of Advanced Energy Industries, Inc. With nearly $1.4 billion in yearly sales during his time there, Advanced Energy Industries became a global leader in precise power conversion, generating a sizable shareholder return. The Board is confident Yuval will guide FARO through this transition and find a permanent CEO because of his experience and in-depth knowledge of the business.
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