FARO Announces Election of Yuval Wasserman as Chairman of the Board of Directors
On June 2, 2022, FARO Technologies announced the election of Yuval Wasserman as the new Chairman of the Board, effective May 26, 2022. Mr. Wasserman, a board member since December 2017, brings extensive experience in driving profitable growth, notably as President and CEO of Advanced Energy Industries. Michael Burger, FARO's CEO, praised Wasserman's leadership capabilities. Former Chairman John Donofrio will continue on the Board and lead the Talent Development and Compensation Committee. FARO focuses on 3D technology solutions for various markets, enhancing digitization and decision-making.
- Yuval Wasserman brings a proven track record of driving long-term profitable growth.
- The leadership change may provide fresh perspectives and strengthen FARO's position in the technology sector.
- Concerns about continuity and leadership transition risks, given the change in Chairmanship.
LAKE MARY, Fla., June 2, 2022 /PRNewswire/ -- FARO® Technologies, Inc. (Nasdaq: FARO), a global leader in 4D digital reality solutions, today announced the election of Yuval Wasserman as Chairman of the Board of Directors, effective May 26, 2022. Mr. Wasserman joined the FARO Board of Directors in December of 2017 and has served on all Board committees, including most recently as Chairman of the Talent Development and Compensation Committee.
"I'm pleased to have an executive with Yuval's broad experience of successfully driving long-term profitable growth in global technology companies, most recently as the President and CEO of Advanced Energy Industries, Inc. where he led a nearly 7 fold increase in market capitalization, to share in the leadership of FARO," commented Michael Burger, FARO Chief Executive Officer. "I also want to thank John Donofrio, who has been FARO's Chairman since 2019, for his partnership and leadership. John's deep experience with FARO over the last 14 years has been invaluable as we have sought to transform FARO into a leading 4D solutions provider."
John Donofrio remains on FARO's Board of Directors and will assume leadership of the Company's Talent Development and Compensation Committee, effective May 26, 2022.
About FARO
FARO serves the 3D Metrology, AEC (Architecture, Engineering & Construction), O&M (Facilities Operations & Maintenance), and Public Safety Analytics markets. For over 40 years, FARO has provided industry-leading technology solutions that enable customers to digitize their world, and then use that data to make smarter decisions faster. FARO continues to be a pioneer in bridging the digital and physical worlds through data-driven accuracy, precision, and immediacy. For more information, visit FARO.com.
"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: Statements in this press release regarding FARO Technologies Inc's business which are not historical facts are "forward-looking statements" that involve risks and uncertainties. For a discussion of such risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see "Risk Factors" in the Company's Annual Report on Form 10-K for the most recently ended fiscal year.
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SOURCE FARO
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