3D Systems announced that Jagtar Narula is stepping down as the company’s Chief Financial Officer, effective May 20, 2022, to accept a new career opportunity. Wayne Pensky, former chief financial officer of Hexcel Corporation (NYSE:HXL), has been appointed interim CFO, effective May 21. The company has initiated an executive search to identify a permanent finance leader.
“I want to thank Jagtar for his dedication and leadership as we have executed on a transformational plan to refocus our business portfolio on additive manufacturing, driving improved growth and operating performance, while significantly strengthening our balance sheet. We have made tremendous progress on all facets of our business plan and I appreciate the important contributions Jagtar has made during his tenure with the company. I wish him continued success in the next chapter of his career. I am also delighted that Wayne will assume the role of interim chief financial officer. Wayne is a veteran finance leader who is uniquely positioned to serve in an interim capacity, having played a significant role in the earliest stages of our transformation process at 3D Systems in 2020. I believe that Wayne will ensure we do not miss a step as we move through this transition period.”
Mr. Pensky retired in 2017 after 24 years with Hexcel, a multinational manufacturer of advanced composite materials used in aerospace and industrial applications. He served as CFO for his last 10 years with Hexcel, during which time Hexcel’s revenue doubled to more than $2 billion and its net income grew nearly four-fold. Prior to that, he held a variety of financial leadership roles including head of finance, corporate controller and chief accounting officer. Pensky began his career with Arthur Andersen & Co, where he served 14 years. He earned a Master of Business Administration from the University of California at Berkeley.
Reiterates Full Year 2022 Guidance
In its fourth quarter 2021 earnings release, the company provided annual guidance for revenue, non-GAAP gross margins, and non-GAAP operating expenses for the full year 2022. The company confirms that it expects full-year 2022 revenue to be within a range of $570 million and $630 million. The company expects full-year 2022 non-GAAP gross margins to be between 40% to 44% and non-GAAP operating expenses to be between $225 million and $250 million. The company’s 2022 guidance assumes no significant increase in macroeconomic and geopolitical factors that would negatively impact its business.
