Stratasys Ltd. (NASDAQ: SSYS) saw its shares pull back early on Monday after it was announced that there would be a leadership change at the firm. Essentially, Ilan Levin has decided to step down from his positions as chief executive and director, effective June 1.
Although Levin is leaving the company, Stratasys did say that he will provide ongoing consultancy services to the firm following his resignation as needed.
In his place, Elchanan (Elan) Jaglom, the current board chair, will serve as CEO until a successor is appointed. Jaglom’s service in the position of chair and CEO simultaneously requires shareholder approval, in accordance with Israeli law, and Stratasys plans to call a shareholder meeting to seek that approval.
Jaglom commented on the departure:
The Board of Directors is appreciative of Ilan’s contributions to Stratasys and Objet for over 15 years. Ilan has implemented a number of key decisions as CEO that have kept the Company strong and ready for future expansion. We thank Ilan for his dedicated leadership of our Company during this phase in Stratasys’ history.
Excluding Monday’s move, Stratasys had underperformed the U.S. broad markets, with its stock down about 33% in the past 52 weeks. In just 2018 alone, the stock was down closer to 5%.
Shares of Stratasys closed Friday at $19.00, with a consensus analyst price target of $19.11 and a 52-week range of $17.17 to $28.88. Following the announcement, the stock was down over 7% at $17.62 in early trading indications Monday.