Global digital and software specialist EFI has begun the search for a new chief executive after its current boss Guy Gecht announced his intention to step down.
Gecht will remain in the role until EFI names a successor and he will retain his position on the board of directors. Gill Cogan, chairman of EFI, says, “We are grateful for Guy’s 19 years as chief executive officer of EFI. Together with his team, Guy transformed EFI from a single product line and original equipment manufacturer business model to a diverse, worldwide leader driving the transition from analogue to on-demand digital imaging in industries that touch our lives every day.
“He led the expansion into productivity software and industrial inkjet, which drove EFI’s rapid growth to over US$1bn ($1.47bn) in annual revenues. Guy is only EFI’s third CEO in its 30-year history, which has brought a stability that the board truly appreciates. As a global company with industry-leading technology and products, there is an unmatched opportunity for a new chief executive lead the charge in the years ahead.”
Gecht says, “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.
“I think this makes it the right time, after 19 years as chief executive officer 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 chief executive officer 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.”
The company released its second quarter results, reporting revenue up six per cent, to US$261.1m from the same period last year. In the Asia-Pacific region, EFI continues its growth with a second quarter revenue increase of 4.1 per cent on last year’s corresponding period
For the six months ended June 30, EFI reports revenue of US$500.9m, up five per cent year-over-year. Gecht adds, “The year 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 colourful images truly matter.”