IPG Photonics Changes Senior Management

March 1, 2013—Fiber laser company IPG Photonics Corporation (Oxford, Mass., U.S.A.) announced today three changes to senior management designed to strengthen the company's global operations, sales and marketing. Trevor Ness, previously IPG’s vice president of Asian operations, has been promoted to senior vice president, worldwide sales and marketing, and will continue to supervise the Asian operations. David Gray, previously chief strategy and new business officer at GT Advanced Technologies in Nashua, N.H., was appointed vice president, strategic development and systems solutions. Also Yuri Erokhin, previously IPG’s senior director, strategic marketing, was promoted to vice president, strategic marketing.

"We are strengthening our management team with three experienced professionals who have demonstrated their expertise and success in helping to expand business opportunities and grow sales," said Valentin Gapontsev, IPG Photonics' chief executive officer. "Trevor Ness has been successful at IPG in establishing strong relationships with OEMs in Asia, as well as improving service and the effectiveness of the sales force there. David Gray has a proven track record of driving rapid growth through organic product development, strategic acquisitions and operational execution. Yuri Erokhin has a strong scientific background that he has applied to the development of sophisticated marketing strategies to identify and secure new business opportunities. We look forward to their combined contributions as we enhance our product portfolio, enter new applications and geographies and generate profitable long-term growth."

At its earnings call in mid-February, IPG Photonics announced expected revenues to range from $145 million to $155 million for the first quarter of 2013. IPG ended 2012 with $562.5 million in annual revenue with strong results for the fourth quarter. Revenues for the fourth quarter ending December 31, 2012 increased 17 percent year-over-year and net income increased by 12 percent, driven by high-power laser sales for materials processing applications.