New Leadership for IPG Photonics

Eugene Scherbakov has been named CEO of IPG Photonics. Scherbakov, who had served as COO, managing director of IPG Laser GmbH (IPG’s German subsidiary), and senior vice president, Europe and director, succeeds Valentin Gapontsev, company founder and current CEO and chairman of the board.

Gapontsev becomes executive chairman. Scherbakov joined IPG in 1995. He has been a member of IPG Laser GmbH’s board of directors since 2000.

Also on May 4, IPG reported first-quarter revenue of $346 million — a nearly 40% increase from last year’s first quarter.