---
schema_version: "secwatch.filing_event.v1"
accession: "0001111928-24-000067"
form_type: "8-K"
ticker: "IPGP"
cik: "0001111928"
company_name: "IPG PHOTONICS CORP"
filed_at: "2024-04-30T23:59:59+00:00"
generated_at: "2026-06-03T04:01:50.728323+00:00"
event_type: "leadership"
sentiment: "neutral"
materiality_score: 0.7
calibrated_materiality_score: 0.7
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001111928-24-000067
- form_type: 8-K
- ticker: IPGP
- cik: 0001111928
- company_name: IPG PHOTONICS CORP
- filed_at: 2024-04-30T23:59:59+00:00
- event_type: leadership
- sentiment: neutral
- materiality_score: 0.7
- calibrated_materiality_score: 0.7
- confidence: high
- sec_items: 5.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1111928/000111192824000067/0001111928-24-000067-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1111928/000111192824000067/ipgp-20240425.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001111928-24-000067
- JSON: https://secwatch.observer/filing/0001111928-24-000067.json
- Plain text: https://secwatch.observer/filing/0001111928-24-000067.txt

## Key facts
- Executive change
  Mark Gitin was appointed as Chief Executive Officer at IPG PHOTONICS CORP.
  - Action: appointed
  - Role: Chief Executive Officer
  source text: 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
  evidence_url: https://www.sec.gov/Archives/edgar/data/1111928/000111192824000067/0001111928-24-000067-index.htm
- Executive change
  Mark Gitin was appointed as Director at IPG PHOTONICS CORP.
  - Action: appointed
  - Role: Director
  source text: 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.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1111928/000111192824000067/0001111928-24-000067-index.htm
- Executive change
  Eugene Scherbakov changed role as Chief Executive Officer at IPG PHOTONICS CORP.
  - Action: transition
  - Role: Chief Executive Officer
  source text: Dr. Eugene Scherbakov will transition from his role as the Company’s Chief Executive Officer, effective as of June 5, 2024
  evidence_url: https://www.sec.gov/Archives/edgar/data/1111928/000111192824000067/0001111928-24-000067-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.