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3D Systems Corporation's New CEO Could Make $23.3 Million in Three Years

Vyomesh Joshi was appointed as 3D Systems' permanent CEO on April 1. Image source: LinkedIn.

3D Systems (NYSE:DDD) ended what turned out to be a six-month search for a new CEO on April 1, when it announced that Vyomesh Joshi was appointed as permanent CEO. Prior to joining 3D Systems, he worked at HP from 1980 to 2012, and retired as executive vice president of HP's imaging and printer group and part of its executive council. While leading HP's $26 billion printing business, he was responsible for doubling the unit's operating profits during an 11-year period.

On paper, he has a proven track record of driving meaningful growth over a longer-term period, which seems like an ideal candidate for 3D Systems, a company that's struggled with execution and performance in recent years. But before investors give Joshi the nod of approval, the price that 3D Systems paid to attract this talent should also be taken into consideration.

CEO perks
Within an SEC filing, 3D Systems outlined Joshi's compensation package. There's a lot to unpack:

Form of Compensation

Estimated Value*

Terms

Annual salary

$925,000

Reviewed annually for increase

Annual cash bonus potential

$925,000

Up to 100% of annual salary

Option to buy 250,000 shares at $15.85 and if stock trades over $30

$3.5 million (if exercised and sold at $30)

Stock must trade over $30 for 90 consecutive days

50,000 restricted stock shares that vest if stock reaches $30

$1.45 million

Stock must trade over $30 for 90 consecutive days

Option to buy 250,000 shares at $15.85 and if stock trades over $40

$6 million (if exercised and sold at $40)

Stock must trade over $40 for 90 consecutive days

25,000 restricted stock shares that vest if stock reaches $40

$975,000

Stock must trade over $40 for 90 consecutive days

150,000 restricted stock shares

$5.85 million (at $40 per share)

Vests annually in equal installments over three years

Data source: SEC filings. *Excludes cost of $1.00 per share to acquire...


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