Capital Increase and new CEO
Several changes within the management team of SLM Solutions: Meddah Hadjar will be the new CEO from 1st May 2019 on, three positions on the Supervisory Board will soon be newly filled. At the same time, the major shareholder Elliott, together with ENA Investment Capital, is expanding its shareholding through a capital increase of € 13 million. The investment is intended to »fund growth and development projects«, as the company says.
05/04/2019 — Meddah Hadjar succeeds Managing Director Uwe Bögershausen, who according to SLM Solutions did not want to extend his contract beyond June 2019. Meddah Hadjar brings a wealth of international experience in product management, additive manufacturing and engineering which makes him the ideal candidate »to bring the company back on its growth track«, as Hans-Joachim Ihde, Chairman of the Supervisory Board, stated.
Furthermore, three current members of the Supervisory Board have announced their retirement or stated that they will not stand for reelection in June: Peter Grosch, Lars Becker and Bernd Hackmann. Michael Mertin, Magnus René and Thomas Schweppe have been recommended to join as new Supervisory Board members. Michael Mertin was former CEO of Jenoptik, Magnus René was former CEO of ARCAM and Thomas Schweppe is Managing Director of 7Square and former Managing Director at Goldman Sachs.
»Compelling value to all stakeholders«
Elliott, SLM’s largest shareholder, together with ENA Investment Capital, emphasized their commitment to the company and its future prospects with a total investment of approximately €13 million to allow the company to further focus on growth. Franck Tuil, senior portfolio manager at Elliott, stated, »The commitment of additional capital is based on our belief in SLM’s technological leadership in the additive manufacturing industry and its strong customer base. We are confident the newly appointed CEO and a strengthened Supervisory Board can successfully position SLM to realise its significant potential, delivering compelling value to all of SLM’s stakeholders.«
The news was received with a significant increase in price on the stock market at the end of March. Previously, the shares had been trading at a record low of € 5.63. At the beginning of 2018, one SLM share cost around € 50.