01-20-2021: Meddah Hadjar decided to not extend his contract as CEO of SLM Solutions and was replaced by Sam O’Leary.
Exactly 2 years later, Nikon announced the formal takeover of the company
On January 20, 2021, SLM Solutions announced that its CEO, Meddah Hadjar, would not be renewing his contract, concluding his tenure by the end of the month. The company attributed Hadjar’s departure to personal circumstances involving his family.
Hadjar had joined SLM Solutions as CEO in May 2019, bringing significant changes to the company's operations and trajectory during his relatively brief leadership. Following his departure, Sam O’Leary, the company’s COO since December 2019, was appointed as the new CEO, a decision unanimously approved by SLM’s Supervisory Board.
Hadjar’s tenure coincided with a challenging period for SLM Solutions. After a failed acquisition attempt by GE in 2016 and a peak in its stock value in early 2018, the company faced financial struggles. However, under Hadjar's leadership, SLM Solutions witnessed a gradual turnaround. In 2019, new investments from Elliott Advisors bolstered its stability.
Despite global economic challenges during the pandemic, SLM Solutions maintained relative financial balance, supported by a backlog of orders from late 2019. By August 2020, the company reported a 90% revenue increase compared to the previous year, continuing to show growth into November 2020.
At formnext 2020, SLM Solutions unveiled the NXG XII 600, a groundbreaking 12-laser metal powder bed fusion system. This machine was designed to meet the demands of large-scale, high-speed additive manufacturing, positioning SLM Solutions as an industry leader in innovation. The launch of the NXG XII 600 was a significant milestone for the company, demonstrating its focus on advanced technologies and solidifying its market position.
Sam O’Leary’s transition to CEO was seen as a move to ensure continuity in the company’s progress. In September 2022, SLM Solutions began negotiations with Nikon Corporation for the sale of the company. The process, initiated in the fall of that year, was formalized exactly two years ago—on January 20, 2023—exactly two years after Hadjar’s resignation. Since April 2021, Meddah Hadjar has been serving as President and CEO of Forgital Group.
Source: www.marketscreener.com