3D Systems announced today that it has entered into a separation agreement with its Chief Financial Officer (CFO) Ted Hull, effective today, May 15, 2015. The reasons given are to “meet the company needs and to pursue his personal interests.” He will be replaced by David Styka, who has served the company as its Chief Accounting Officer (CAO) since January 2015.
Hull began his tenure as CFO for 3D Systems in November 2014 following the move of his previous occupant of eight years, Damon Gregoire, to the position of Executive Vice President of Mergers and Acquisitions. Hull entered the position with more than 30 years experience in financial leadership in high-tech companies such as Cisco and IBM.
The terms of the separation agreement provide for Hull’s separation pay in the amount of $400,000 as well as $200,000 for relocation assistance and one year continuation of his medical coverage. In addition, it indemnifies Hull for three years from any claims that may arise from his performance as CFO. Also included in the 8-K that was filed with the Securities and Exchange Commission earlier this morning, are non-competition, non-solicitation, and non-disparagement provisions.
Styka brings with him experience as Vice President of Finance at Family Dollar and previously as Divisional Vice President of Tax and Inventory with that company. He holds a degree in Accounting awarded by John Carroll University as well as an MBA earned at Wake Forest University. A certified CPA in the state of North Carolina, he has extensive experience in public accounting and a background in financial leadership. Styka’s compensation has been approved at a base salary of $350,000 with a target incentive opportunity for 2015 equal to 50% of his annual base salary.
3D Systems President and CEO Avi Reichental offered thanks to Ted Hull and discussed the promise offered by David Styka.
“We are deeply grateful to Ted for his stewardship of our Finance organization and wish him much success in his pursuit of other personal interests,” said Reichental. “We are very fortunate to have a strong and capable financial executive of the caliber of Dave Styka ready to assume the role of Chief Financial Officer. Since his arrival at 3D Systems, Dave has gained a deep understanding of our business and quickly has become a key advisor to me and the rest of our senior leadership team. Dave brings substantial finance and accounting leadership experience to the role and we are confident taking the next leg of our growth journey with him as our CFO.”
Let us know what you think of the new appointment in the 3D Systems Appoints New CFO forum thread over at 3DPB.com.