MAPLE PLAIN, Minn.--(BUSINESS WIRE)--Feb. 6, 2014--
Proto Labs, Inc. (NYSE: PRLB), a leading online and technology-enabled
quick-turn manufacturer, today announced the appointment of Victoria M.
Holt as President and Chief Executive Officer, effective today. Ms. Holt
brings more than 30 years of experience in leadership roles with Global
Fortune 500 companies across a broad range of manufacturing, chemical
and materials industries. She replaces Bradley A. Cleveland, who
announced his intention to resign as CEO on October 31, 2013.
Most recently, Ms. Holt was President and Chief Executive Officer at
Spartech Corporation (NYSE: SEH), a publicly-held, leading supplier of
sustainable plastic sheet, compounds and packaging solutions, where she
engineered a turnaround which resulted in a 73% increase in operating
earnings in just 2 short years. The turnaround led to the successful
stock/cash sale of Spartech to PolyOne Corporation (NYSE: POL) in March
2013, at a 56% premium when announced and ultimately a 106% premium at
closing. Prior to Spartech, she was Senior Vice President, Glass and
Fiber Glass, at PPG Industries, Inc., a leading coatings and specialty
products company. She also served in leadership positions with Monsanto
Company and its successor, Solutia, Inc. in various management, sales,
and marketing roles.
“Vicki’s track record of leading companies with large and diverse
operations while delivering profitable growth and shareholder value
makes her an excellent choice to lead Proto Labs. We are very excited to
have Vicki on Board. Her energy, enthusiasm and management style fit
well with our culture and we look forward to her leadership as we
continue to grow the business to ever higher levels,” commented Larry
Lukis, Founder and Chairman of the Board of Proto Labs.
“Based on years of experience in technology based manufacturing
businesses, I truly understand and appreciate the unique value Proto
Labs delivers to its customers. The value proposition to reduce time to
market, , reduce risk of new product introduction and reduce costs is
incredibly powerful. Proto Labs delivers this value with very impressive
technology, operational excellence and a full array of services for
design engineers. I am excited to have this opportunity to build upon
the Company's market position and competitive advantages to expand and
broaden customer reach, as well as drive value for Proto Lab
shareholders,” said Ms. Holt. “The established and experienced
management team already in place presents an excellent opportunity for
me to quickly orient myself to a rich history of collaboration and
leadership.”
Commenting on the departure of Brad Cleveland, Larry Lukis said, “On
behalf of the Board, I thank Brad for his contributions as CEO. His
fantastic organizational and team-building skills have made the Company
what it is today, and have enabled Proto Labs to consistently deliver
value to shareholders, customers, and partners. The Board has planned
carefully for this leadership transition and we are confident that the
Company will continue its growth momentum under Vicki's leadership. She
has the complementary experience to build on our accomplishments and
leverage Proto Labs’ strong platform in the years ahead.”
About Proto Labs, Inc.
Proto Labs is a leading online and technology-enabled quick-turn
manufacturer of custom parts for prototyping and short-run production.
Proto Labs provides “Real Parts, Really Fast” to product developers
worldwide. Proto Labs utilizes computer numerical control (CNC)
machining and injection molding to manufacture custom parts for our
customers. For more information, visit protolabs.com.
Source: Proto Labs, Inc.
Proto Labs, Inc.
Investor Relations:
Jack Judd, 763-479-7408
jack.judd@protolabs.com
or
Media
Relations:
Bill Dietrick, 763-479-7664
bill.dietrick@protolabs.com