IPG has replaced Valentin Gapontsev as CEO
Photo | Courtesy of IPG Photonics
Valentin Gapontsev
The founder and longtime leader of Oxford laser manufacturer IPG Photonics, Valentin Gapontsev, has stepped into an executive chairman role, as the company named its chief operating officer as his replacement as CEO.
Eugene Scherbakov, the company’s chief operating officer and managing director of IPG Laser GmbH, senior vice president, Europe and director, took over as CEO on May 4, when the Oxford company first announced the leadership transition.
Gapontsev, in turn, stepped into a new role as executive chairman of the company’s board and is slated to continue involvement in directing research and development and strategy, according to IPG.
“Dr. Scherbakov’s technological knowledge as well as extensive understanding of the company's operations, sales and customers contributed significantly to IPG’s success since he joined us in 1995,” said Gapontsev, in a statement.
Gapontsev, a highly successful businessman, is reportedly worth $2.8 billion, according to the 2021 Forbes billionaire list.
IPG's revenues and profits were impacted by the global economic slowdown caused by the coronavirus pandemic. In the fourth quarter of its fiscal 2020, the company reported a loss of $4.3 million. The company has largely rebounded since then, profiting $160 million in all of fiscal 2021, although that was still down from the $180 million in profits in fiscal 2020, the first three quarters of which were not impacted by the pandemic.
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