Brad Kreger appointed as CEO at Velo3D
June 19, 2024
Velo3D, Inc, headquartered in Campbell, California, USA, has formally appointed Brad Kreger as the company’s permanent Chief Executive Officer. Kreger has been serving as the company’s Interim Chief Executive Officer since December 2023. The Velo3D Board of Directors cited the success of the company’s re-alignment initiatives under Kreger, as well as his implementation of strategic initiatives that have resulted in business momentum over the last six months.
“I am pleased to announce the Board has appointed Mr Kreger as permanent Chief Executive Officer,” said Carl Bass, chairman of the board. “Under Mr Kreger’s leadership, the company has executed on its re-alignment initiatives, materially reduced its cost structure and improved overall operating efficiency. At the same time, his customer-first go-to-market strategy has resulted in an acceleration of orders from both new and existing customer, reflecting confidence in the company’s technology as well as in its initiatives to improve customer satisfaction. We firmly believe Mr Kreger has the right qualities and experience to position Velo3D for future success.”
Kreger stated, “I would like to thank the board for their confidence in me, and I remain very excited about our opportunity in Additive Manufacturing that is transforming key industries, like defence, aerospace, and energy.”
“Overall, I am very pleased with our strategic execution so far this year. We are successfully rebuilding our backlog and pipeline as we booked $27 million in new orders from mid-December 2023 through the first quarter of 2024, with $22 million of backlog going into the second quarter of 2024. I am especially encouraged by our increasing opportunities in the defence sector as we are the only US-based AM manufacturer that can meet the high quality and complexity requirements of this industry,” he continued.
“Also, our efforts to improve system reliability are paying off as we are seeing increased orders from existing customers as well as continuing to execute on our cost realignment programs to improve margins and cash flow. We firmly believe we are well positioned to profitably capitalise on the increasing industry demand for leading-edge Additive Manufacturing solutions,” concluded Kreger.
