The game of musical chairs at 3D Systems continues as the internal structure of the company shifts once again. Only a week ago, in a surprising move, 3D Systems announced the departure of both COO Mark Wright and CMO Cathy Lewis, lending credence to suspicions that recently-appointed President and CEO Vyomesh “VJ” Joshi was going to be making some big changes within the company’s management structure. And now 3D Systems has announced that Chief Financial Officer David Styka will be stepping down, to be replaced by departing Kodak CFO John N. McMullen.
Styka took over the CFO role only a year ago, replacing Ted Hull, who himself had only held the position for a few months after his appointment in November 2014. Hull had taken over for long-term CFO Damon Gregoire, who shifted over to the position of Executive Vice President of Mergers and Acquisitions. Gregoire, who had held the title of CFO for eight years, has apparently been a tough man to replace, but McMullen brings with him the credentials and experience that suggest he is well suited for the challenge.
In his more than three decades of experience, McMullen has held several progressive financial leadership positions. Before serving as CFO and Executive Vice President at Kodak, he spent 32 years at HP and its acquired companies, Compaq Computer and Digital Equipment Corporation. During that time, he acted as HP’s Senior Vice President of Finance and Corporate Treasurer, CFO of HP’s Imaging and Printing Group, and Vice President of Finance and Strategy for Compaq’s Worldwide Sales and Services Group. Since 2011, he has also served on the Board of Directors and as Audit Committee Chair of Vocera Communications.
“We are excited to have a leader of John’s caliber join our team,” said Joshi, President & CEO. “John’s demonstrated ability to deliver an appropriate cost structure, scalable processes and an effective business model at global technology companies can help us drive transformation and profitable growth. I am deeply grateful for Dave’s many contributions to the company and am pleased that he will continue to lend his expertise as part of our evolving team.”
Styka will be remaining with 3D Systems to provide financial and operational support. Joshi, who worked as Vice President of Imaging and Printing at HP prior to his hiring at 3D Systems, has worked with McMullen before and so has first-hand knowledge of his skills and experience. While it’s too soon to get a good feel for the direction that Joshi, who has only been with 3D Systems for two months, will take the struggling company in, and how that will compare to the vision he’s shared so far, it looks as though he is starting to take apart and reconstruct the management structure piece by piece – which many will likely say has been a long time coming, based on rumors of internal conflict and imbalance.
It’s been clear for a long time that 3D Systems needs to change direction in multiple areas, and filling key management positions with outsiders like McMullen may be the breath of fresh air that the company desperately needs.
“It is a tremendous opportunity to be part of 3D Systems at such a pivotal time for the company and the 3D printing industry,” commented McMullen. “Based on our successful and productive history, it is a privilege to work alongside VJ once again.”
He has certainly shown, through his long tenure at HP, that he is capable of sticking with a company for the long run, and hopefully his appointment as CFO will begin to stem the high turnover rate that has contributed to 3D Systems’ instability. McMullen’s takeover of the position will be effective as of July 1. Discuss further in New CEO for 3D Systems forum over at 3DPB.com.