FARO®, a global leader of 3D measurement, imaging and realization solutions for the 3D Metrology, AEC (Architecture, Engineering & Construction), and Public Safety Analytics markets, announced that Michael Burger has informed the company that he intends to retire as president & chief executive officer and such retirement will be effective July 1st, 2023. The board of directors has appointed Yuval Wasserman, its current chairman of the board as Executive Chairman effective May 4th, 2023 and as Chairman and Interim CEO, effective July 1st, 2023. Mr. Burger will remain as a strategic advisor to the Company and to Mr. Wasserman, to assist in the transition.
"On behalf of the board, the company, and its stakeholders, I would like to thank Michael for his many contributions during his tenure as President and CEO of FARO," stated Yuval Wasserman, chairman of the board. "Under Michael's leadership, FARO has embarked on a new strategy to grow its product offerings, served markets and target applications through the expansion into a SaaS model while transferring our manufacturing to an outsourced model. This new strategy, while still in its early stages, positions FARO for growth, diversification, and value creation. I'd like to extend our best wishes to Michael on his retirement. As we continue to pursue our strategy and optimize our business, we will accelerate the process of hiring a new CEO for FARO."
Mr. Burger noted, "Throughout my four years as president and chief executive officer of FARO, we have focused on building a clear strategy to drive the long-term growth of the Company. I am proud of the progress our employees have made and I have very high confidence in the team of highly experienced leaders we have built. I look forward to working with our board and Yuval to ensure a smooth transition."
Yuval Wasserman was previously President CEO of Advanced Energy Industries, Inc. from 2014 to 2021. During his tenure at Advanced Energy Industries, it grew into a global leader in precision power conversion with over $1.4 billion in annual sales, delivering significant shareholder return. The Board believes that Yuval has the right experience and depth of understanding of the company to lead FARO through this transition and successfully recruit a permanent CEO.
