FARO’s Co-Founder, CEO, Dr. Simon Raab to Retire After 36 Years of Service
LAKE MARY, FL, USA, Jan 11, 2019 – FARO (NASDAQ: FARO), the world’s most trusted source for 3D measurement and imaging solutions for 3D manufacturing, construction BIM, 3D design, public safety forensics and photonics applications, announced that Dr. Simon Raab plans to retire as President and Chief Executive Officer and as a member of the Board of Directors. Dr. Raab will remain in his current role as President and CEO and as a member of the Board of Directors until a successor is appointed. Dr. Raab has served as FARO’s President and CEO since December 2015 and previously served as its Chief Executive Officer from its inception in 1982 until January 2006 and has been the Company’s Chairman since its inception.
Dr. Simon Raab, Co-founder, President and CEO, FARO
“We are profoundly grateful to Simon for his unrelenting dedication and passion to building FARO into the technology leader in 3D measurement and imaging solutions,” stated John Donofrio, the Company’s Lead Director. “The Company’s Board of Directors has initiated a comprehensive search to identify a new President and Chief Executive Officer. On behalf of FARO and its shareholders, we wish to thank Simon for his decades of service, dedication and commitment to disruptive innovation he has provided to the Company. Over the past three years, under Simon’s leadership, the Company has successfully executed a complete reorganization that aligned FARO’s business by global vertical market segment, modernized the efficiency of our sales processes and other functional areas, accelerated and streamlined R&D to attain a sustained drumbeat of new and enhanced product introductions, increased acquisition activity to further build out our product portfolio and technological capabilities, and invested in expanding our renowned global direct sales force. Those initiatives resulted in sustained double-digit sales growth performance and improved gross margin performance.”
“FARO has been my life’s work and today is a global leader in 3D measurement,” stated Dr. Raab. “During the last three years, I have made every effort to re-invigorate every part of FARO’s technical and operational structure, including the institutionalizing of entrepreneurial behavior. I am deeply honored to have served our shareholders, employees and thousands of customers in this grand effort and I will continue to enthusiastically lead to ensure a successful transition to a new generation of leadership.”
FARO is the world’s most trusted source for 3D measurement, imaging and realization technology. The Company develops and markets computer-aided measurement and imaging devices and software for the following vertical markets:
- 3D Factory – High-precision 3D measurement, imaging and comparison of parts and complex structures within production and quality assurance processes
- Construction BIM – 3D capture of as-built construction projects and factories to document complex structures and perform quality control, planning and preservation
- Public Safety Forensics – Capture and analysis of on-site real-world data to investigate crash, crime and fire, plan security activities and provide virtual reality training for public safety personnel
- 3D Design – Capture and edit part geometries or environments for design purposes in product development, computer graphics and dental and medical applications
- Photonics – Develop and market galvanometer-based laser measurement products and solutions
FARO’s global headquarters is located in Lake Mary, Florida. The Company’s European regional headquarters is located in Stuttgart, Germany and its Asia-Pacific regional headquarters is located in Singapore. FARO has other offices in the United States, Canada, Mexico, Brazil, Germany, the Kingdom, France, Spain, Italy, Poland, Turkey, the Netherlands, Switzerland, India, China, Malaysia, Thailand, South Korea, Japan, and Australia. For more information, visit http://www.faro.com.