Velo3D Inc (NASDAQ:VELO) shares are plummeting Monday. The company disclosed that Chief Financial Officer James Suva has departed. Here’s what you should know.
- Velo3D stock is showing notable weakness. Why is VELO stock falling?
Velo3D CFO James Suva Leaves the Company
Velo3D said Suva, who held the roles of CFO and principal financial and accounting officer, left the company Sept. 28. His exit took effect that same day. Velo3D noted that Suva did not leave over a disagreement with the company about how it operates or the policies and practices it follows.
The company gave no other reason for the departure. Velo3D disclosed the change in a regulatory filing dated Oct. 2.
Velo3D Names Outside Consultant Terence Wynn as Interim CFO
Velo3D’s board filled the vacancy the same day by naming Terence Wynn interim chief financial officer. Wynn takes over Suva’s duties, including the principal financial and accounting officer role.
Wynn is joining as an outside consultant, not a Velo3D employee. His services come through KongBasileConsulting LLC, known as KBC, which signed an officer services agreement with Velo3D on Sept. 28.
Wynn’s resume spans consulting, corporate finance and public accounting. Now 70, Wynn has done independent CFO consulting through KBC since 2020. He fills interim CFO roles at early-stage and emerging companies.
Before KBC, he held the CFO job at Business Wire Inc, a Berkshire Hathaway company, from 2018 to 2020. From 2015 to 2018, he worked at Silicon Valley Finance Group, holding the titles of consulting CFO and vice president of business development. Wynn worked as vice president of finance at Sony Computer Entertainment America LLC from 2008 to 2015. Earlier in his career, Wynn was CFO at CaseCentral Inc and Vitel International Inc. He also has public accounting experience, including at KPMG.
VELO Shares Are Plummeting
VELO Price Action: Velo3D shares were down 21.25% at $8.82 at the time of publication on Monday, according to Benzinga Pro.
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