3D printer manufacturer Markforged will have a new CEO, as Shai Terem takes over, replacing company founder Gregory Mark, who transitions to the role of Chairman. The company said the change in leadership is the result of a planned succession, designed to position the company for continued success in its next phase of growth. Particularly as the additive manufacturing (AM) industry experiences rapid adoption amid supply chain disruptions and ongoing evolution.
Terem, who previously served as President and Chief Operating Officer (COO), will now take on the development and execution of short- and long-term strategies and day-to-day operations. His main goal is to continue delivering value to key stakeholders as the company continues to scale. In his previous capability, Terem had reorganized the go-to-market strategy to have a channel-first approach and built a strong infrastructure for rapid, efficient, and scalable growth.
Joining Markforged in December 2019, Terem already had significant operational and leadership experience in the industrial 3D printing sector, having served as President of the Americas region at Kornit Digital, a worldwide market leader in 2D digital printing for textiles. Before that, Terem spent four years with Stratasys, where he had roles in increasing leadership in product marketing, channel enablement, finance, and operations. The Israeli-born executive served for 11 years in the Israeli Navy (IDF) before going on to lead several teams in banking institutions and founding companies, and describes himself as a “proven team builder” who “always finds a way to get things done.”
“I have been fortunate to spend the majority of my career in this industry – experience that gives me a profound appreciation for the immense value that Markforged brings to organizations around the world,” said Terem. “Our tools are designed to allow manufacturers to go from design to a functional part with unmatched efficiency to truly optimize the supply chain. It is an honor to take the helm of such a pioneering company, and I’m eager to play my part in our mission to reinvent manufacturing.”
In his new role as chairman, Mark will focus on evangelizing the adoption of AM platforms among engineers, designers, and manufacturing professionals. As Markforged’s leader for the past seven years, Mark, an MIT alum at the Department of Aeronautics and Astronautics, has helped democratize metal and carbon fiber 3D printing. He also considered that before he founded the company, access to strong 3D printed parts was limited only to those who could afford million-dollar machines.
Today, however, there are thousands of parts in just about every industry: “We have parts flying in space, and on commercial and military jets; we have hundreds of thousands of parts used by frontline workers to fight COVID.” All of them are printed on a platform that is robust enough for end-use aerospace, but even affordable to high schools and colleges.
“We believe Shai will continue this progression and grow into more factories, schools, and design shops around the world,” Mark indicated. “With his operator chops and considerable additive manufacturing experience, Shai has the right combination of skills to continue our rapid growth.”
Since its foundation, Markforged has transformed manufacturing with 3D metal and carbon fiber printers, capable of producing parts tough enough for the factory floor. Created in 2013 and based in Watertown, Massachusetts, Markforged now has about 300 employees globally, with $137 million in both strategic and venture capital. The company’s range of end-to-end processing systems has steadily become the go-to platforms for many users that want to improve the production of parts, like the US Department of Energy (DoE)’s national science laboratory Sandia National Labs, Škoda Motor, and the Dubai Electricity & Water Authority (DEWA), just to name the most recent ones.
According to the company, AM is approaching a tipping point. While 3D printing technologies have been available since the late 1980s, considerable advancements in technology and unprecedented supply chain disruption driven by the ongoing global pandemic are supporting mainstream adoption. A 2020 Wohlers Report projects the AM industry will grow eleven times over the next decade to become a $640 billion industry, offering a wider market for Markforged.
“Markforged has been solving some of the more challenging real-world industrial manufacturing problems for years, and we believe the pandemic has shown just how essential additive manufacturing will be in a world where supply chains need to more nimble, adaptable, and resilient,” explained Michael Medici, a managing director at the global investment firm Summit Partners and member of Markforged’s board of directors. “Greg has built a strong foundation for innovation that he will continue to develop as Shai works to scale the organization from a successful startup to a pillar technology company of our time.”
With one of the largest connected install base and fastest growth in its category worldwide, Markforged continues to build a leadership team to position the company, its customers, and partners to take full advantage of the innovations supporting the latest significant wave of manufacturing disruption.
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