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Nano Dimension CEO Yoav Stern at RAPID + TCT 2024
Yoav Stern’s role as CEO at Nano Dimension has been terminated, the additive manufacturing company announced on December 26th.
The news caps off a rollercoaster year for the company which has been at the centre of an ongoing M&A saga, headlined by moves to acquire Desktop Metal and Markforged, as it aims to become ‘a leader in additive manufacturing’. During his time as CEO, Stern has been vocal about the need for the 3D printing industry to consolidate in order to become profitable, having previously suggested 'you can’t make money when you are too 'de-consolidated.'
Nano Dimension has appointed Mr. Julien Lederman, who has served as Vice President of Corporate Development since March 2021, as Interim CEO and is now looking for a permanent replacement.
Mr. Ofir Baharav, Chairman of the Board, commented: “The Board is pleased and confident in our appointment of Julien Lederman as Interim Chief Executive Officer. The Board fully supports Julien during this transition period while we conduct a broad search for a permanent Chief Executive Officer.”
Weeks earlier, Stern was replaced on Nano Dimension’s Board of Directors after failing to gain approval for his reappointment at the Company’s 2024 annual general meeting of shareholders. Nano shareholders voted to elect Ofir Baharav and Robert Pons to the company's Board, after nomination from Murchinson - an asset management firm owning 7.1% of Nano Dimension's outstanding shares. Nano Dimension and Murchinson have been in a two-year dispute about the running of the company, with Stern once claiming that he would resign as CEO if Murchinson gained representation at board level. On December 17th, six Nano Dimension directors resigned with immediate effect in light of a Court Ruling that saw two Murchinson-nominated individuals join the company's board. Back in November, Murchinson had sent a letter to Nano shareholders questioning whether the company would be able to turn its proposed Desktop Metal and Markforged acquisitions into profitable businesses. Adding further turbulence, just days before Sterns exit as CEO, Desktop Metal announced it had filed a lawsuit alleging that Nano Dimension had breached its obligation to use reasonable best efforts to obtain regulatory approval as soon as practicable in connection with the merger agreement. In a statement, however, Desktop Metal added that it remained 'focused on upholding the contractual obligations agreed upon by both parties, closing the transaction and delivering on the potential of the merger.'
With an expedited trial expected to be held in January, it looks like the story which dominated much of the 3D printing news cycle in 2023 and 2024 is set to continue well into the new year.
