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Velo3D | 8-K: Current report

SEC announcement · Apr 22 16:07

VLD +0.00%

Summary by Moomoo AI

Velo3D, Inc., a prominent metal additive manufacturing technology company, has announced significant changes to its executive leadership. On April 16, 2024, the company mutually agreed with Renette Youssef, the Chief Marketing Officer, on her separation from the company effective April 19, 2024. The separation was amicable, with no disagreements over company operations, policies, or practices. Youssef will receive severance benefits, including a gross severance payment and COBRA continuation benefits, along with an acceleration of vesting for her restricted stock units. Concurrently, Bernard Chung, the Acting Chief Financial Officer, has decided to resign for personal reasons effective April 29, 2024, also without any disputes with the company. In a strategic move, Velo3D has appointed Hull Xu as the new Chief Financial Officer, starting April 24, 2024. Xu, with extensive experience in corporate finance and capital markets, previously served as CFO at Cepton, Inc. and held a director position at RBC Capital Markets, LLC. His role will encompass finance, accounting, treasury, corporate development, and investor relations. Additionally, Michelle Sidwell has been promoted to the new role of Chief Commercial Officer to unify sales, product strategy, and customer service initiatives. The company has also confirmed that its re-alignment initiatives to maximize cash flow and operational efficiency are on track, with a $27 million increase in new orders since mid-December 2023 and improvements in system reliability.

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