FARO Names Peter G. Abram Chief Financial Officer
LAKE MARY, Fla., March 10, 2014
LAKE MARY, Fla., March 10, 2014 /PRNewswire/ --FARO Technologies, Inc.
(NASDAQ: FARO) today announced that Peter G. Abram has been appointed Senior
Vice President and Chief Financial Officer, effective March 31, 2014.
Mr. Abram will replace Keith S. Bair as part of a planned transition in
financial leadership. Mr. Bair will leave the Company to pursue other
opportunities after the completion of a transition period. "Peter is joining
FARO at a pivotal time," stated Jay Freeland, President and CEO. "We have
been executing on a comprehensive organizational plan to strengthen FARO's
senior management, aligned with our broader goal to take FARO to a new level
of performance. Peter brings an extensive financial, strategic and operational
background with over twenty years of progressive experience in multinational
Mr. Abram was most recently with inVentiv Health Clinical LLC in Blue Bell,
Pennsylvania, serving as Chief Financial Officer, Phase II-IV, and previously
held senior management positions at Styron LLC and MDS, Inc. following a
number of advancing positions at PerkinElmer, Inc. and General Electric
Capital. In addition to roles in financial leadership, Mr. Abram also served
as Director of Global Sales Operations for PerkinElmer's Life and Analytical
Sciences division and gained significant international experience with
Aeroquip-Vickers, Inc., spending two years living in Singapore. Mr. Abram
holds a B.S. degree in Finance from Miami University.
"As Chief Financial Officer of the Company for the past eight years, Keith has
done a tremendous job in managing FARO's financial function through periods of
growth and through the recent recession," stated Mr. Freeland. "I am grateful
for Keith's contributions to FARO and want to thank him for his dedicated
service to the Company. We wish him well in his future endeavors."
This press release contains forward-looking statements within the meaning of
the Private Securities Litigation Reform Act of 1995 that are subject to risks
and uncertainties, such as statements about Mr.Abram's contribution to FARO
and the expansion of FARO's business. Statements that are not historical facts
or that describe the Company's plans, objectives, projections, expectations,
assumptions, strategies, or goals are forward-looking statements. In addition,
words such as "will," "goal" and similar expressions identify forward-looking
statements. Forward-looking statements are not guarantees of future
performance and are subject to various known and unknown risks, uncertainties,
and other factors that may cause actual results, performances, or achievements
to differ materially from future results, performances, or achievements
expressed or implied by such forward-looking statements. Consequently, undue
reliance should not be placed on these forward-looking statements.
Factors that could cause actual results to differ materially from what is
expressed or forecasted in such forward-looking statements include, but are
not limited to:
oMr. Abram's ability to integrate into FARO's management team and
odevelopment by others of new or improved products, processes or
technologies that make FARO's products obsolete or less competitive;
odeclines or other adverse changes, or lack of improvement, in industries
that FARO serves or the domestic and international economies in the
regions of the world where FARO operates and other general economic,
business, and financing conditions;
orisks associated with international operations, such as fluctuations in
currency exchange rates, difficulties in staffing and managing foreign
operations, political and economic instability, compliance with import and
export regulations, and the burdens and potential exposure of complying
with a wide variety of U.S. and foreign laws and labor practices;
oother risks detailed in Part I, Item 1A. Risk Factors in the Company's
Annual Report on Form 10-K for the year ended December 31, 2013.
Forward-looking statements in this release represent FARO's judgment as of the
date of this release. FARO undertakes no obligation to update publicly any
forward-looking statements, whether as a result of new information, future
events, or otherwise.
FARO is the world's most trusted source for 3D measurement, imaging and
realization technology. The Company develops and markets computer-aided
measurement and imaging devices and software. Technology from FARO permits
high-precision 3D measurement, imaging and comparison of parts and compound
structures within production and quality assurance processes. The devices are
used for inspecting components and assemblies, rapid prototyping, documenting
large volume spaces or structures in 3D, surveying and construction, as well
as for investigation and reconstruction of accident sites or crime scenes.
Approximately 15,000 customers are operating more than 30,000 installations of
FARO's systems, worldwide. The Company's global headquarters is located in
Lake Mary, FL; its European regional headquarters in Stuttgart, Germany; and
its Asia/Pacific regional headquarters in Singapore. FARO has branches in
Brazil, Mexico, United Kingdom, France, Spain, Italy, Netherlands,
Switzerland, Portugal, India, China, Malaysia, Vietnam, Thailand, South Korea
More information is available at http://www.faro.com.
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SOURCE FARO Technologies, Inc.
Contact: Nancy Setteducati, email@example.com, 407-333-9911
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