IPG Photonics appoints Mark Gitin as CEO effective June 5, 2024; Scherbakov transitions to advisor role

IPG PHOTONICS CORP

Dr. Mark Gitin, previously EVP at MKS Instruments, named CEO effective June 5, 2024, succeeding Dr. Eugene Scherbakov.
Gitin receives $775k base salary, guaranteed 2024 bonus of 100% of base, $5M equity award (50% PSUs, 50% RSUs), $500k relocation stipend.
Scherbakov steps down as CEO, remains on Board, enters 2-year advisor agreement with fees: €1.24M first year, €800k second year.
Board enlarged to 11 members; Gitin appointed as director effective his start date.

item 5.02 item 9.01

Executive movements

Machine-extracted from this filing. Every card cites the SEC source. See all recent executive movements.

Appointed

Mark Gitin

Chief Executive Officer

IPGP · IPG PHOTONICS CORP

Effective: 2024-06-05
Filed: April 30, 2024, 7:59 PM ET

the Board of Directors (the “Board”) of IPG Photonics Corporation (the “Company”) appointed Dr. Mark Gitin as Chief Executive Officer of the Company, effective June 5, 2024

Appointed

Mark Gitin

Director

IPGP · IPG PHOTONICS CORP

Effective: 2024-06-05
Filed: April 30, 2024, 7:59 PM ET

The Board has also determined to increase the size of the Board to eleven directors and to appoint Dr. Gitin as a director to fill such vacancy, subject to Dr. Gitin commencing employment with the Company and effective as of the Start Date.

Departed

Eugene Scherbakov

Chief Executive Officer

IPGP · IPG PHOTONICS CORP

Effective: 2024-06-05
Successor: Mark Gitin
Filed: April 30, 2024, 7:59 PM ET

Dr. Eugene Scherbakov will transition from his role as the Company’s Chief Executive Officer, effective as of June 5, 2024

Key facts

Extracted from this filing and checked against the source text.

Executive change SEC 8-K Item 5.02 confidence 0.95

Mark Gitin was appointed as Chief Executive Officer at IPG PHOTONICS CORP.

Action: appointed
Role: Chief Executive Officer

Exact text from the filing

the Board of Directors (the “Board”) of IPG Photonics Corporation (the “Company”) appointed Dr. Mark Gitin as Chief Executive Officer of the Company, effective June 5, 2024

View on SEC.gov

Executive change SEC 8-K Item 5.02 confidence 0.95

Mark Gitin was appointed as Director at IPG PHOTONICS CORP.

Action: appointed
Role: Director

Exact text from the filing

The Board has also determined to increase the size of the Board to eleven directors and to appoint Dr. Gitin as a director to fill such vacancy, subject to Dr. Gitin commencing employment with the Company and effective as of the Start Date.

View on SEC.gov

Executive change SEC 8-K Item 5.02 confidence 0.95

Eugene Scherbakov changed role as Chief Executive Officer at IPG PHOTONICS CORP.

Action: transition
Role: Chief Executive Officer

Exact text from the filing

Dr. Eugene Scherbakov will transition from his role as the Company’s Chief Executive Officer, effective as of June 5, 2024

View on SEC.gov

IPG PHOTONICS CORP filing history →

Source: SEC EDGAR

accession 0001111928-24-000067

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