FARO TECHNOLOGIES, INC. (NASDAQ:FARO) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On August 8, 2017, the Company terminated the employment of Stephen Bubar, who had been serving as Vice President and Corporate Controller and principal accounting officer of the Company. In connection with such termination, on August 6, 2017, the Company appointed Robert Seidel, the Company’s Chief Financial Officer, as principal accounting officer. Mr. Seidel will not receive any additional compensation for performing these additional duties. The decision to terminate Mr. Bubar’s employment was not related to any disagreement between the Company and Mr. Bubar relating to the Company’s financial reporting, operations, policies or practices.
Mr. Seidel, age 42, has served as the Company’s Chief Financial Officer since December 2016 and previously held the position of Vice President, Finance and Investor Relations and interim principal financial officer of the Company from March 2016 to December 2016. He previously held the positions of Vice President, Americas Finance and Accounting from November 2015 to March 2016, Vice President, Corporate FP&A and Americas Finance from March 2015 to November 2015, and Director, Corporate Financial Planning and Analysis from May 2014 to March 2015. Prior to joining the Company, Mr.Seidel was employed at Trinseo S.A., a global materials company, serving as Global Finance Manager for its latex chemicals segment from 2011 to 2014. Previously, Mr.Seidel served as Plant Controller at Anheuser-Busch InBev from 2006 to 2010. Mr.Seidel began his finance and accounting career as a treasury intern at Exxon Mobil Corporation in 2002, then served in various financial planning and analysis roles of increasing responsibility at Air Products and Chemicals, Inc. from 2003 to 2006. He holds a B.S. degree in Mechanical Engineering from Stanford University and an MBA from Cornell’s Johnson School.
There are no family relationships between Mr. Seidel and any director or executive officer of the Company, and Mr. Seidel does not have any direct or indirect material interest in any transaction required to be disclosed to Item404(a) of Regulation S-K.
About FARO TECHNOLOGIES, INC. (NASDAQ:FARO)
FARO Technologies, Inc. designs, develops, manufactures, markets and supports software driven, three-dimensional (3-D) measurement, imaging and realization systems. The Company operates in three segments: Americas, Europe/Africa and Asia-Pacific. The Company sells its products through a direct sales force across a number of customers in a range of manufacturing, industrial, architecture, surveying, building construction and law enforcement applications. Its FaroArm, FARO Laser ScanArm, FARO Gage, FARO Laser Tracker, FARO Cobalt Array 3D Imager AMP, and their companion CAM2 software provide for Computer-Aided Design (CAD)-based inspection and/or factory-level statistical process control and surveying. The Company’s FARO Focus3D and FARO Freestyle3D laser scanners, and their companion SCENE, FARO public safety software and FARO 3D software, are utilized for a variety of 3D modeling, documentation and high-density surveying applications.