Nano Dimension announces new Interim CEO amid Desktop Metal lawsuit
Israeli electronics 3D printer manufacturer Nano Dimension has appointed Julien Lederman as Interim Chief Executive Officer (CEO).This news followed Yoav Sterns immediate termination as CEO following earlier news had been removed from the companys Board of Directors (BOD).A comprehensive search for a permanent CEO is underway, with the board aiming to stabilize the organization during this transition.Having worked at Nano Dimension since 2021 as Vice President of Corporate Development, Lederman brings extensive experience from previous roles at Amazon, Goldman Sachs, Lehman Brothers, and the World Economic Forum. His academic credentials include an MBA from INSEAD and a BA from Colgate University.Expressing confidence in Ledermans leadership, Nano Dimensions new Board Chairman Ofir Baharav remarked, The Board is pleased and confident in our appointment of Julien Lederman as Interim Chief Executive Officer. The Board fully supports Julien during this transition period while we conduct a broad search for a permanent Chief Executive Officer.Yoav Stern (left) and Julien Lederman (right): Leadership transition at Nano Dimension. Photo via Nano Dimension.Leadership change and legal challenges convergeYoav Stern, who served as CEO since 2020 and Board Chairman since 2021, presided over a period when Nano Dimension faced mounting challenges. Activist shareholder Murchinson, Nano Dimensions largest investor with a 7.1% stake, repeatedly challenged Sterns leadership, citing concerns over capital allocation and weak governance.Historically, a company can become a target for take-over when accumulating a sizeable cash reserve. The activist shareholders embarked on a campaign that questioned the acquisition strategy with merger plans involving Desktop Metal and Markforged criticized as overpriced and misguided.A pivotal moment came during Nano Dimensions 2024 Annual General Meeting, where shareholders voted to remove Stern from the board. This decision followed a court ruling that validated Murchinsons proposals to restructure the board and strengthen shareholder rights. Although Stern retained his position as CEO after losing his directorship, increasing pressure from investors likely contributed to his abrupt departure.Nano Dimension faces further uncertainty surrounding its merger plans with Desktop Metal. A lawsuit filed by Desktop Metal alleges that Nano Dimension failed to meet its contractual obligations by not securing timely regulatory approval for the merger.The lawsuit seeks specific performance, requiring cooperation with the Committee on Foreign Investment in the United States (CFIUS) to finalize the transaction. Additional requests include a court declaration of Nano Dimensions breach and an injunction against potential actions hindering the deal.Nano Dimension has pushed back against the claims, describing the lawsuit as without merit and asserting that it has complied with the terms of the agreement. An expedited hearing is scheduled for Monday next week, with a trial set to follow in January, adding legal complexities to the already uncertain merger process.Nano Dimension 3D printed electronics. Photo by Michael PetchWhat 3D printing trends do the industry leaders anticipate this year?What does the Future of 3D printing hold for the next 10 years?To stay up to date with the latest 3D printing news, dont forget to subscribe to the 3D Printing Industry newsletter or follow us on Twitter, or like our page on Facebook.While youre here, why not subscribe to our Youtube channel? Featuring discussion, debriefs, video shorts, and webinar replays.Featured image shows Yoav Stern (left) and Julien Lederman (right): Leadership transition at Nano Dimension. Photo via Nano Dimension.