Hurco appoints Greg Volovic as CEO alongside Michael Doar transitioning to Executive Chairman

– USA, IN –  Hurco Companies, Inc. (NASDAQ: HURC) today announced the appointment of Greg Volovic, currently President and COO, as President and CEO, effective immediately, succeeding Michael Doar who will transition to the position of Executive Chairman of the Board of Directors.

In his new role as Executive Chairman, Mr. Doar will focus on growth and acquisition plans, board governance, development, and engagement, and other high-level strategic initiatives.

“Greg has had a significant impact on almost every facet of Hurco’s business, including research and development, marketing, engineering, product development and design, and management of our worldwide sales, service, and distribution networks,” said Michael Doar. “Greg’s role in leading the identification and integration of strategic acquisitions and significant investments in technology over the last 10 years has been particularly impactful on the company’s growth and vision. He is a decisive leader with a track record in executing mergers and acquisitions, new product development, and innovation. I can’t think of anyone better positioned to lead Hurco into its next chapter.”

About Greg Volovic

Greg Volovic joined Hurco in 2005 as EVP of Software Development and was chartered with successfully introducing Hurco’s current motion control platform. He has held several roles at Hurco, including EVP of Operations, President, and CO.

“Under Michael’s leadership these past 20 years, Hurco has experienced truly transformative growth,” said Greg Volovic. “When Michael assumed the role of CEO in 2001, the company experienced annual revenues of less than $100 million and its stock price was hovering around $2.00 per share. During his tenure, he led the company to annual revenues exceeding $300 million and nearly a thirty-fold increase in stock price. More importantly, I can think of no other mentor I would have rather worked with during my time at Hurco. I am very fortunate to begin serving as CEO with a leadership and management team built from and inspired by, the values instilled by Michael Doar.”

About Hurco Companies, Inc.

Hurco Companies, Inc. is an international, industrial technology company that sells its three brands of computer numeric control machine tools to the worldwide metal cutting and metal forming industry. Two of the Company’s brands of machine tools, Hurco and Milltronics, are equipped with interactive controls that include software that is proprietary to each respective brand. The Company designs these controls and develops the software. The third brand of CNC machine tools, Takumi, is equipped with industrial controls that are produced by third parties, which allows the customer to decide the type of control added to the Takumi CNC machine tool. The Company also produces high-value machine tool components and accessories and provides automation solutions that can be integrated with any machine tool. The end markets for the Company’s products are independent job shops, short-run manufacturing operations within large corporations, and manufacturers with production-oriented operations. The Company’s customers manufacture precision parts, tools, dies, and/or molds for industries such as aerospace, defense, medical equipment, energy, transportation, and computer equipment. The Company is based in Indianapolis, Indiana, with manufacturing operations in Taiwan, Italy, the U.S., and China, and sells its products through direct and indirect sales forces throughout the Americas, Europe, and Asia. The Company has sales, application engineering support, and service subsidiaries in China, England, France, Germany, India, Italy, the Netherlands, Poland, Singapore, the U.S., and Taiwan.

For more information: https://www.hurco.com/en-us

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