Michael Burger, left, and Yuval Wasserman, right.
3D measurement firm FARO has announced President and CEO Michael Burger will retire on July 1st, 2023.
Burger has been the CEO of FARO since 2019, and will be succeeded on an interim basis by Yuval Wasserman. Wasserman, previously Chairman of the Board, has been appointed Executive Chairman effective May 4th, 2023, and will begin as Interim CEO on July 1st. Burger will remain as a strategic advisor to the company and to Wasserman to assist in the transition.
Wasserman was previously President CEO of Advanced Energy Industries, Inc. from 2014 to 2021. During his tenure at Advanced Energy Industries, it grew into a global leader in precision power conversion with over 1.4 billion USD in annual sales, delivering significant shareholder return.
The FARO Board believes that Yuval has the right experience and depth of understanding of the company to lead FARO through this transition and successfully recruit a permanent CEO.
"On behalf of the board, the company, and its stakeholders, I would like to thank Michael for his many contributions during his tenure as President and CEO of FARO," commented Yuval Wasserman, chairman of the board. "Under Michael's leadership, FARO has embarked on a new strategy to grow its product offerings, served markets and target applications through the expansion into a SaaS model while transferring our manufacturing to an outsourced model. This new strategy, while still in its early stages, positions FARO for growth, diversification, and value creation. I'd like to extend our best wishes to Michael on his retirement. As we continue to pursue our strategy and optimize our business, we will accelerate the process of hiring a new CEO for FARO."
Mr. Burger offered: "Throughout my four years as president and chief executive officer of FARO, we have focused on building a clear strategy to drive the long-term growth of the Company. I am proud of the progress our employees have made and I have very high confidence in the team of highly experienced leaders we have built. I look forward to working with our board and Yuval to ensure a smooth transition."