IPG Photonics appoints Dr. Eugene Scherbakov as CEO alongside Dr. Valentin Gapontsev as Executive Chairman

– USA, MA –  IPG Photonics Corporation (NASDAQ: IPGP) today announced the appointment of Dr. Eugene Scherbakov .Ph.D. as CEO, succeeding founder Dr. Valentin Gapontsev becoming Executive Chairman of the Board of Directors.

Dr. Eugene Scherbakov Ph.D. is currently COO, Managing Director of IPG Laser GmbH, SVP, Europe, and Director.

“Dr. Scherbakov’s technological knowledge as well as extensive understanding of the Company’s operations, sales and customers contributed significantly to IPG’s success since he joined us in 1995,” said Dr. Valentin Gapontsev.

He added: “Dr. Scherbakov’s leadership at our German operations and expertise resulted in operational excellence and lower production costs for our vertical integration model, making fiber laser technology more cost-competitive with traditional materials processing technologies while preserving IPG’s strong profitability and industry-leading margins.”

“It is hard to overstate Dr. Gapontsev’s contribution to fiber lasers and IPG, as an inventor, entrepreneur and visionary,” said John Peeler, Lead Independent Director. “This implements the succession plan discussed by the IPG Board for some time. Dr. Scherbakov is uniquely qualified for his new role.”

Dr. Scherbakov has served as Managing Director of IPG Laser GmbH, IPG’s German subsidiary, since August 2000, Senior Vice President-Europe since February 2013, and Chief Operating Officer since February 2017. He has been a member of its Board of Directors since 2000.

“I feel extremely privileged to become the next CEO of this great company,” said Dr. Scherbakov. “I look forward to continuing the strategy of Dr. Gapontsev and building on the strong foundation he set in place. We are lucky that he will continue as Executive Chairman.”

About IPG Photonics Corporation

IPG Photonics Corporation is the leader in high-power fiber lasers and amplifiers used primarily in materials processing and other diverse applications. The Company’s mission is to make its fiber laser technology the tool of choice in mass production. IPG accomplishes this mission by delivering superior performance, reliability, and usability at a lower total cost of ownership compared with other types of lasers and non-laser tools, allowing end-users to increase productivity and decrease costs. A member of the S&P 500 Index, IPG is headquartered in Oxford, Massachusetts, and has more than 30 facilities worldwide.

For more information: https://www.ipgphotonics.com/en

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