Leadership changes set the foundation for the next phase of growth as additive manufacturing industry experiences rapid adoption amid supply chain disruptions and evolution
WATERTOWN, Mass.--(BUSINESS WIRE)--Markforged, creator of the world’s largest metal and carbon fiber industrial 3D printing platform, today announced the promotion of Shai Terem to president & chief executive officer. Founder Gregory Mark has transitioned to the role of chairman. Today’s leadership announcements are the results of a planned succession and are designed to position the company for continued success in its next phase of growth.
Additive manufacturing is approaching a tipping point. While 3D printing technologies have been available since the late 1980s, considerable advancements in technology and unprecedented supply chain disruption driven by the ongoing global pandemic are supporting mainstream adoption. Wohlers Associates projects the additive manufacturing industry will grow 11x over the next decade to become a $640 billion-dollar industry. With the largest connected install base and fastest growth in the category worldwide, Markforged has built its leadership team to position the company, its customers, and partners to take full advantage of the innovations supporting this significant wave of manufacturing disruption.
As CEO, Terem will lead the development and execution of short- and long-term strategies and day-to-day operations, positioning Markforged to continue delivering value to its key stakeholders as the company continues to scale. Since joining Markforged in December 2019 as president and chief operating officer, Terem has reorganized the go-to-market organization to have a channel-first approach while building a strong infrastructure for rapid, efficient, and scalable growth. Previously, he served as president of the Americas region at Kornit Digital (NASDAQ: KRNT), a worldwide market leader in 2D digital printing for textiles, and held various product marketing, finance, and operations roles with Stratasys (NASDAQ: SSYS).
“I have been fortunate to spend the majority of my career in this industry--experience that gives me profound appreciation for the immense value that Markforged brings to organizations around the world,” said Terem. “Our tools are designed to allow manufacturers to go from design to a functional part with unmatched efficiency to truly optimize the supply chain. It is an honor to take the helm of such a pioneering company, and I’m eager to play my part in our mission to reinvent manufacturing.”
“Leading Markforged for the past seven years as chief executive officer has been an amazing journey, and I’m incredibly proud of what we’ve built,” said Mark. “Before Markforged, access to strong 3D printed parts was limited to those who could afford million-dollar machines. Today, we have parts flying in space, and on commercial and military jets; we have hundreds of thousands of parts used by frontline workers to fight COVID. All are printed on a platform that is robust enough for end-use aerospace, and affordable to high schools and colleges. We have democratized metal and carbon fiber 3D printing, and we’re just getting started.
“We believe Shai will continue this progression and grow into more factories, schools, and design shops around the world,” Mark continued. “With his operator chops and considerable additive manufacturing experience, Shai has the right combination of skills to continue our rapid growth.”
In his new role as chairman, Mark will focus on evangelizing the adoption of the company’s additive manufacturing platform among engineers, designers, and manufacturing professionals all over the world.
“Markforged has been solving some of the more challenging real-world industrial manufacturing problems for years, and we believe the pandemic has shown just how essential additive manufacturing will be in a world where supply chains need to more nimble, adaptable, and resilient,” said Michael Medici, a managing director at Summit Partners and member of Markforged’s board of directors. “Greg has built a strong foundation for innovation that he will continue to develop as Shai works to scale the organization from successful startup to a pillar technology company of our time.”
Markforged transforms manufacturing with 3D metal and carbon fiber printers, capable of producing parts tough enough for the factory floor. Engineers, designers, and manufacturing professionals all over the world rely on Markforged metal and composite printers for tooling, fixtures, functional prototyping, and high-value end-use production. Founded in 2013 and based in Watertown, Massachusetts, Markforged has about 300 employees globally, with $137 million in both strategic and venture capital. Markforged was recently recognized by Forbes in the Next Billion-Dollar Startups list, and listed as the #2 fastest-growing hardware company in the US in the 2019 Deloitte Fast 500. To learn more about Markforged, please visit: https://markforged.com.
V2 Communications for Markforged