LAKE MARY, Fla., Dec. 7, 2015 /PRNewswire/ -- FARO
Technologies, Inc. (NASDAQ: FARO) today announced that Dr.
Simon Raab, its Chairman and
co-founder, has been named Interim President and Chief Executive
Officer, effective immediately, following the resignation of
Jay Freeland as President and Chief
Executive Officer and from the Company's Board of Directors.
"We believe Simon's leadership through the transition period
to a new Chief Executive Officer will provide more effective
decision making across the organization," stated Stephen Cole, Lead Director.
Mr. Freeland plans to continue as an advisor to the
Company over the next three months. The Board has engaged
Heidrick & Struggles International, Inc. to conduct a broad and
comprehensive search for a full time CEO replacement.
![FARO logo. FARO logo.](http://photos.prnewswire.com/prnvar/20110415/MM84316LOGO)
"As a co-founder of the Company and Chairman of the Board over
the last 17 years, Simon has extensive experience in leading
FARO. He has a deep understanding of the Company's strategy
global operations and organization. With the benefit of
Simon's insight and leadership, we believe FARO can be much more
aggressive in executing its operational and strategic initiatives.
This will be enormously helpful during the transition period," said
Mr. Cole. "During Simon's prior tenure as the CEO of FARO, he
created significant shareholder value, leading FARO through an IPO,
global expansion, several strategic acquisitions including those
associated with the Company's laser tracker and laser scanner
product lines and delivering consistent above-market growth.
During the period 1997 to 2006 when he relinquished the CEO
position, FARO's annual revenues grew by an average of 23% to
$152.4 million."
"On behalf of FARO and its shareholders, we wish to thank Jay
for the many years of service, dedication and commitment to
innovation he has provided to the Company and we wish him the best
in his future endeavors," continued Mr. Cole.
"As Chairman of the Board, I have worked closely with Jay and
the management team and look forward to leading FARO through the
transition to the next CEO," stated Dr. Raab. "FARO is a
market leader with a legacy of disruptive innovation, a loyal
customer base and a promising product pipeline. FARO has a
strong and talented management team and we are eager to take the
next step in our growth story."
Dr. Raab is a co-founder of the Company and has served as
Chairman of the Board of Directors of the Company since its
inception in 1982. Dr. Raab served as Chief Executive Officer
of the Company from its inception in 1982 until January 2006, as Co-Chief Executive Officer from
January 2006 until December 2006, and as President of the Company
from 1986 until 2004. Dr. Raab holds a Ph.D. in Mechanical
Engineering from McGill University,
Montreal, Canada, a Masters of
Engineering Physics from Cornell
University and a Bachelor of Science in Physics from the
University of Waterloo,
Canada.
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 FARO's growth, demand for and customer
acceptance of FARO's products, anticipated improvement in the
markets in which FARO operates, and FARO's product development and
product launches. 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,"
"are," "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 loss of the Company's Chief Executive Officer or other
key personnel;
- the Company's inability to successfully identify and acquire
target companies or achieve expected benefits from acquisitions
that are consummated;
- 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;
- the impact of fluctuations of foreign exchange rates;
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, 2014.
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.
About FARO
FARO is the world's most trusted source for 3D measurement
technology. The Company develops and markets computer-aided
measurement and imaging devices and software. Technology from FARO
permits high-precision 3D measurement, imaging and comparison of
parts and complex structures within production and quality
assurance processes. The devices are used for inspecting components
and assemblies, rapid prototyping, documenting large volume spaces
or structures in 3D, surveying and construction, as well as for
investigation and reconstruction of accident sites or crime
scenes.
The Company's global headquarters is located in Lake Mary, FL; its European regional
headquarters in Stuttgart,
Germany; and its Asia
Pacific regional headquarters 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,
Portugal, India, China,
Malaysia, Vietnam, Thailand, South
Korea, and Japan.
More information is available at http://www.faro.com
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SOURCE FARO Technologies, Inc.