May 29, 2018 / 2:58 PM / 3 months ago

3D printer maker Stratasys loses CEO, shares vacillate

May 29 (Reuters) - Shares in 3D printer maker Stratasys Ltd recovered to trade up 1 percent on Tuesday after plunging initially on the news that Ilan Levin was stepping down as both a director and chief executive officer.

In a statement before markets opened in New York, the company said Elchanan Jaglom, currently chairman of the board, would serve as CEO until a successor is appointed.

The Minnesota-based company, whose shares have lost more than a third of their value in the past year, did not disclose the reason behind Levin’s resignation and was not immediately available for comment.

Shares of the company fell about 7 percent in premarket trade but recovered to gain 1.1 percent on the day at $19.21 an hour after opening.

Stratasys, which offers desktop 3D printers and prototyping systems for manufacturing, earlier this month reported quarterly revenue and profit which missed Wall Street estimates as it battled a drop in demand from customers in government, aerospace and the automotive sector. (Reporting by Sonam Rai in Bengaluru; editing by Patrick Graham)

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