IPG Photonics sells Russian subsidiary IRE-Polus for $51M; expects $195-210M in charges

IPG PHOTONICS CORP

Sale proceeds $51M before fees; charges $195-210M including $60-65M net asset write-down and $135-145M translation loss.
Sale reduces Q3 revenue by ~$5M; IRE-Polus <5% of full-year revenue.
Revised AIP caps executive payouts at 62.5% of original target; metric is H2 net sales.
CEO Mark Gitin receives guaranteed 2024 bonus not impacted by revised AIP.
Company completed exit from Russia; manufacturing shifted to Germany, US, Italy, and Poland.

item 5.02 item 8.01 item 9.01

Executive movements

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

Departed

Eugene Scherbakov

Other Named Officer

IPGP · IPG PHOTONICS CORP

Filed: August 29, 2024, 7:59 PM ET

Dr. Eugene Scherbakov and Dr. Alexander Ovtchinnikov, previously disclosed as named executive officers of the Company, will not participate in the Revised AIP as a result of no longer being executive officers of the Company.

Departed

Alexander Ovtchinnikov

Other Named Officer

IPGP · IPG PHOTONICS CORP

Filed: August 29, 2024, 7:59 PM ET

Dr. Eugene Scherbakov and Dr. Alexander Ovtchinnikov, previously disclosed as named executive officers of the Company, will not participate in the Revised AIP as a result of no longer being executive officers of the Company.

Key facts

Extracted from this filing and checked against the source text.

Executive change SEC 8-K Item 5.02 confidence 0.95

Eugene Scherbakov departed as other_named_officer at IPG PHOTONICS CORP.

Action: no longer being executive officer

Exact text from the filing

Dr. Eugene Scherbakov and Dr. Alexander Ovtchinnikov, previously disclosed as named executive officers of the Company, will not participate in the Revised AIP as a result of no longer being executive officers of the Company.

View on SEC.gov

Executive change SEC 8-K Item 5.02 confidence 0.95

Alexander Ovtchinnikov departed as other_named_officer at IPG PHOTONICS CORP.

Action: no longer being executive officer

Exact text from the filing

Dr. Eugene Scherbakov and Dr. Alexander Ovtchinnikov, previously disclosed as named executive officers of the Company, will not participate in the Revised AIP as a result of no longer being executive officers of the Company.

View on SEC.gov

IPG PHOTONICS CORP filing history →

Source: SEC EDGAR

accession 0001111928-24-000130

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