Geomagic parent company CFO to retire – eventually

Lauren K. Ohnesorge
Staff Writer-
Triangle Business Journal

Looking for a CFO job? A 3-D printer company is about to have an opening.

Rock Hill-based 3D Systems (NYSE: DDD), the parent company of Morrisville’s Geomagic, is parting ways with its chief financial officer – eventually.

Damon Gregoire will continue to serve as senior vice president and CFO while 3D Systems searches for a replacement. When the new CFO starts, Gregoire will transition to the role of executive vice president of mergers and acquisitions, which will reduce his current $400,000 base salary to $300,000. That’s according to a new securities filing.

Once he retires (Dec. 31, 2015), he will transition to the role of “consultant,” where he’ll make $350 an hour through 2016.

Additionally, the new transition agreement provides for an annual incentive award for 2013 to the tune of $78,000, as well as incentive awards for 2014 and 2015 that equal 50 percent of his annual salary. He’ll also be vesting stock awards, such as the 90,000 shares scheduled to vest on Nov. 15 of this year and the 90,000 shares scheduled to vest the following year. The company’s stock was trading at $59.36 a share Monday afternoon.

You’ll recall 3D Systems bought Geomagic last year as its software arm. Since the buy, the Ping Fu-founded firm has been growing in Morrisville, as 3D Systems consolidates its other buys.

Geomagic also recently announced it is moving to Cary once the lease for its current space in Morrisville expires.

Source: http://www.bizjournals.com/triangle/blog/techflash/2014/03/geomagic-parent-company-cfo-to-retire-eventually.html

Posted in Geomagic Design, Software CAD/CAM/CAE and tagged , , .