LAKE MARY, Fla., July 16, 2019 /PRNewswire/
-- FARO® (NASDAQ: FARO), the world's most trusted
source for 3D measurement and imaging solutions for
3D manufacturing, construction
BIM, 3D design, public safety forensics, and
photonics applications, today announced that Allen Muhich has been appointed Chief Financial
Officer of the Company, effective July
26, 2019. Mr. Muhich joins FARO from Electro
Scientific Industries, where he served as Chief Financial Officer
and worked together with Michael
Burger, FARO's President and CEO.
"I am pleased to welcome Allen to FARO to continue a highly
successful working partnership that we have shared for several
years," stated Michael Burger,
FARO's President and CEO. "Allen is a seasoned financial
executive with an impressive track record in leading a global
financial function in a complex, customer-focused industrial
technology business. I am looking forward to once again
working closely with Allen as we enter an exciting new chapter for
FARO."
Mr. Muhich will lead FARO's financial operations, regional
finance teams and investor relations. He will report directly
to Mr. Burger.
Mr. Muhich brings to FARO nearly 30 years of experience as a
global financial executive in the industrial technology
sector. Mr. Muhich was previously Chief Financial Officer of
Electro Scientific Industries, Inc., a leading supplier of
innovative laser-based microfabrication solutions for industries
reliant on microtechnologies, ID Experts, a provider of identity
protection services, Smarsh, Inc., a provider of cloud-based
archiving solutions, and Radisys Corporation, a leading provider of
open telecom solutions. Mr. Muhich was also Vice President of
Finance and Corporate Controller at Merix Corporation, a global
manufacturer of printed circuit boards. Prior to that Mr.
Muhich spent 15 years in financial management in the office
printing business at Tektronix, Inc. and Xerox Corporation.
Mr. Muhich holds a B.A. degree in Accounting from Western
Washington University.
Mr. Muhich will succeed Robert
Seidel, who has served as FARO's Chief Financial Officer
since December 2016 and who will
continue to serve as Chief Financial Officer of the Company until
July 25, 2019 and then will continue
as a FARO employee for a transition period. "Bob's commitment to
FARO has been unwavering and vital to everything FARO has achieved
during the time he served as CFO," said John Donofrio, FARO's Chairman of the Board of
Directors. "We are deeply appreciative of all Mr. Seidel has done
to help lead a complex transformation of the company to a
vertical-focused organization and in laying the foundation for
continued improvement in our operational efficiency, particularly
our gross margin improvement during his tenure. FARO has
benefitted from Bob's leadership and dedication and we wish him
well."
About FARO
FARO is the world's most trusted source for 3D measurement,
imaging and realization technology. The Company develops and
markets computer-aided measurement and imaging devices and software
for the following vertical markets:
- 3D Manufacturing - High-precision 3D measurement, imaging and
comparison of parts and complex structures within production and
quality assurance processes
- Construction BIM - 3D capture of as-built construction projects
and factories to document complex structures and perform quality
control, planning and preservation
- Public Safety Forensics - Capture and analysis of on-site real
world data to investigate crash, crime and fire events, plan
security activities and provide virtual reality training for public
safety personnel
- 3D Design - Capture and edit 3D shapes of products, people
and/or environments for design purposes in product development,
computer graphics and dental and medical applications
- Photonics - Develop and market galvanometer-based laser
measurement products and solutions
FARO's global headquarters is located in Lake Mary, Florida. The Company's European
regional headquarters is located in Stuttgart, Germany and its Asia-Pacific regional headquarters is located
in Singapore. FARO has other
offices in the United States,
Canada, Mexico, Brazil, Germany, the United
Kingdom, France,
Spain, Italy, Poland, Turkey, the
Netherlands, Switzerland,
India, China, Malaysia, Thailand, South
Korea, Japan, and
Australia.
This press release contains forward-looking statements
within the meaning of the Private Securities Litigation Reform Act
of 1995 that are subject to risks and uncertainties, such as
statements about the Company's Chief Financial Officer transition,
long-term success, future growth, operational efficiency, gross
margins and strategic differentiation in its vertical markets.
Statements that are not historical facts or that describe the
Company's plans, objectives, projections, expectations,
assumptions, strategies, or goals are forward-looking statements.
In addition, words such as "is," "will" and similar expressions or
discussions of FARO's plans or other intentions identify
forward-looking statements. Forward-looking statements are not
guarantees of future performance and are subject to various known
and unknown risks, uncertainties, and other factors that may cause
actual results, performances, or achievements to differ materially
from future results, performances, or achievements expressed or
implied by such forward-looking statements. Consequently, undue
reliance should not be placed on these forward-looking
statements.
Factors that could cause actual results to differ materially
from what is expressed or forecasted in such forward-looking
statements include, but are not limited to:
- the Company's ability to successfully complete this Chief
Financial Officer transition or the loss of other key
personnel;
- development by others of new or improved products, processes
or technologies that make the Company's products less competitive
or obsolete;
- the Company's inability to maintain its technological
advantage by developing new products and enhancing its existing
products;
- declines or other adverse changes, or lack of improvement,
in industries that the Company serves or the domestic and
international economies in the regions of the world where the
Company operates and other general economic, business, and
financial conditions; and
- other risks detailed in Part I, Item 1A. Risk Factors in the
Company's Annual Report on Form 10-K for the year ended
December 31, 2018.
Forward-looking statements in this release represent the
Company's judgment as of the date of this release. The Company
undertakes no obligation to update publicly any forward-looking
statements, whether as a result of new information, future events,
or otherwise, unless otherwise required by law.
More information is available at http://www.faro.com
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SOURCE FARO