LAKE MARY, Fla. – Faro Technologies announced in an SEC filing this week that, as of Jan. 4, the “termination” of David Morse, who was serving as managing director for the Americas. SEC rules require that changes of directors be announced.
In response to requests for further information, Jay Freeland, Faro CEO, released the following statement: “Dave has been an effective manager of the Americas region during his tenure with us, and we are appreciative of all of his work on behalf of the company. His termination with the company was not by reason of any misconduct; rather, he remained a valued team member throughout his time with the company, and we wish him all success. As with our recent move in Europe, this move is driven by our desire to position the company for future growth and is not a reflection, good or bad, on prior performance, which we look forward to discussing in connection with our regularly scheduled earnings release.”
The European move Freeland references is in regard to the hiring of Ralf Drews as Faro Europe’s chairman and senior VP and managing director EMEA, a position he began on Jan. 7. Drews was most recently CEO and regional manager of the Americas for Draeger Safety, of Pittsburgh, which manufactures medical and safety technology. He has a Masters in Engineering from the University of Applied Sciences in Lubeck, Germany, and is one of the contributors to the book “Innovation in Pricing – Contemporary Theories and Best Practices,” scheduled to be published in November of this year.
Morse was promoted to his most recent position by Faro in 2007, and was prior to that VP of sales for the Americas. He spoke at SPAR conferences in 2005 and 2006. In an email exchange with SPAR where he was asked how this reflected on laser scanner sales, Faro supervisor, PR and events Greg Richards said, “It’s important to note that this was an amicable split and did not occur as a result of any impropriety or performance (good or bad). We do not anticipate any disruption to laser scanner sales, which remains an important part of our business.”
Until Faro finds a replacement for Morse, Freeland will assume responsibilities for the Americas Region, the company said in a release.
Perhaps coincidentally, Faro’s share price dipped this week, falling from $36.63 on Jan. 9 to a price of $33.03 as of this writing, which is up for the day. For the year, Faro has been mercurial, moving from a low of $30.14 in Sept. 2011 to a high of $59.40 on April 2, 2012, and now traveling down to its current mark.
