3D TAPS NEW CEO IN WAKE OF SCANDAL.Byline: Nicholas Grudin Staff Writer VALENCIA - After half a year of front-office turmoil stemming from misreported accounting, 3D Systems Corp. announced on Friday the hiring of a new president and chief executive officer. Abe Reichental will take the reins at 3D Systems in the wake of a scandal that led to the departures of the company's CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , chief financial officer and chief operating officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. . The hiring of Reichental, who comes from a vice president position at New Jersey-based Sealed Air Sealed Air Corporation(NYSE: SEE) is a company that makes a variety of packaging materials, systems and equipment. Its brands include Bubble Wrap, Cryovac, Instapak, Shanklin and Jiffy Mailer. They have recently moved headquarters to Elmwood Park, New Jersey. Corp., marks the first permanent replacement within 3D's executive ranks. Friday, Reichental said he is ready to help heal the company. ``My background and experience is the perfect match for this point in the evolution, or recovery, of the 3D business,'' Reichental said. ``The people of 3D systems are exceptional and are ready to rally behind the right kind of leadership.'' In August, former CEO Brian Service resigned after nearly four years as president and CEO of the $100 million Valencia-based company, which sells systems that create solid models out of computer images. In April, 3D Systems ousted CFO See Chief Financial Officer. James Selzer, and, in May, the company demoted COO Grant Flaharty. The executive shake-up came after a February audit of the company revealed that $3 million in earnings was misreported as revenue for 2002 instead of 2003. Without those earnings, the company failed to turn a profit in 2002. Since the revelations, 3D Systems has been struggling to emerge from what Service called ``a long and difficult process.'' Company officials were ecstatic ec·stat·ic adj. 1. Marked by or expressing ecstasy. 2. Being in a state of ecstasy; joyful or enraptured. [French extatique, from Greek ekstatikos, from with Reichental's decision to join the company, but did not mention the past year of struggles. ``Abe is distinctly qualified to lead 3D Systems,'' said Chuck Hull, co-founder and chief technology officer. ``His strong deal-making and negotiating skills will enable us to forge ahead with our growth strategies.'' Reichental, 46, will leave an executive position at Sealed Air, which is a leading global manufacturer of packaging materials. He joined Sealed Air in 1981 as a project manager and worked his way up through positions in engineering, sales, marketing and general management in North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. , Europe and Asia. He will move to the Santa Clarita Santa Clarita, city (1990 pop. 110,642), Los Angeles co., S Calif., suburb 30 mi (48 km) NW of downtown Los Angeles, on the Santa Clara River; inc. 1987. Situated in the Santa Clara valley and nearby canyons, Santa Clarita includes the former towns of Canyon Country, area from South Carolina South Carolina, state of the SE United States. It is bordered by North Carolina (N), the Atlantic Ocean (SE), and Georgia (SW). Facts and Figures Area, 31,055 sq mi (80,432 sq km). Pop. (2000) 4,012,012, a 15. , where he managed Sealed Air's shrink packaging unit. Shares of 3D Systems - which have suffered for much of the year - rose sharply on the news of Reichental's hiring Friday, jumping 18 percent to close at $8.53 per share. Nicholas Grudin, (661) 257-5255 nicholas.grudin(at)dailynews.com CAPTION(S): photo Photo: (color) Abe Reichental Ready to help company |
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