Guy Gecht to step down as EFI CEO

"Stepping down as the leader of a great company is never an easy decision. With vast market opportunities, loyal customers and a robust product roadmap, reinforced by the unprecedented interest in Nozomi, EFI has never been better positioned for continued growth and success," said Gecht.

He will continue to serve as CEO until a successor is named and will continue to remain on EFI’s board of directors. EFI is said to have hired executive search firm Spencer Stuart to assist in the search.

"I think this makes it the right time, after 19 years as CEO of this unique company, for me to hand the reins to the next leader. I will stay fully focused on leading the outstanding EFI team during the search period and will assist in ensuring a smooth transition once the new CEO is in place. As a shareholder, board member and a lifelong fan, nothing will be more gratifying for me than to see my successor leading EFI to achieve its full potential," added Gecht.

"We are grateful for Guy's 19 years as CEO of EFI. Together with his team, Guy transformed EFI from a single product line and OEM business model to a diverse, worldwide leader driving the transition from analog to on-demand digital imaging in industries that touch our lives every day,” said Gill Cogan, chairman of EFI's board.

Speaking further on Gecht’s contribution, Cogan said, “He led the expansion into productivity software and industrial inkjet, which drove EFI's rapid growth to over USD 1 billion in annual revenues. Guy is only EFI's third CEO in its 30-year history, which has brought a unique stability that the board truly appreciates. As a global company with industry-leading technology and products, there is an unmatched opportunity for a new CEO to lead the charge in the years ahead."

Meanwhile EFI announced record revenue for the second quarter at USD 261.1 million, up 6% compared to second quarter 2017 revenue USD 247 million.

“2018 continues to track well for EFI, with the team delivering record Q2 revenues and solid cash generation despite the significant impact of currency volatility during the quarter. I’m especially pleased with the continued progress and increased sales pipeline for our Nozomi platform, validating EFI’s leadership role in the digital transformation of industries such as packaging and fashion, where colorful images truly matter,” said Gecht about the results.