Upon the dismissal of chief marketing officer Cathy Lewis and chief operating officer Mark Wright, 3D Systems has hired a new chief financial officer. Replacing David Stryka as chief financial officer is John N. McMullen, a former executive with Kodak, HP and a number of other major tech companies.
Previous to his new position as CFO, which will take effect on July 1, McMullen was executive vice president and chief financial officer of Kodak, where he was responsible for overseeing all of Kodak’s financial operations for the past two years.
Prior to that, McMullen spent 32 years at HP and companies that the tech giant had acquired, including Compaq Computer and Digital Equipment Corporation. At HP, McMullen served as senior vice president of finance and corporate treasurer after spending almost five years as CFO of HP’s Imaging and Printing Group. At Compaq, he acted as vice president of finance and strategy for the Worldwide Sales and Services Group.
In other words, 3D Systems has found itself a seasoned CFO in what was likely a natural pick from the company’s new president and CEO, Vyomesh Joshi, a former HP executive himself. While McMullen will be replacing Styka, Styka will continue with 3D Systems, lending operational and financial support.
The appointment of McMullen as CFO is important in the context of 3D Systems’ recent history. After a couple of rough financial years starting in 2014, the company found itself in the midst of a class action lawsuit for artificially inflating its stock, while delivering weak financial results.
The lawsuit specifically brought down the former CEO of 3D Systems, Avi Reichental, and former executive vice president of mergers and acquisitions, Damon Gregoire. Reichental stepped down in October 2015, while Gregoire left his position in December 2015, though he has reportedly been working as a consultant for the company.
With the consumer division of the company now shut down and new leadership taking the reins, it’s possible that the company can recover from the stock dive that began in 2014. While it probably won’t return to the overinflated highs of January 2014 anytime soon, that doesn’t mean that 3D Systems under Joshi’s command won’t drive the company in the right direction.