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3D printer maker 3D Systems Corp. says its 12-year chief executive, Avi Reichental, has resigned and chief legal officer Andrew Johnson has taken over as interim CEO.
The company said Reichental resigned in a joint agreement with the board, and his resignation came into effect on Wednesday.
Shares of 3D Systems fell 6.
Nearly 5% from-An annual low of $10. 15 on Thursday.
The share price of 3D printing poster boy 3D Systems rose to a high of $97.
25 in early 2014, when the technology was touted as the next big thing, people could print everything from cars to chocolate.
But over the past two years, shares of the company have plunged about 88% as investors questioned the feasibility of consumer 3D printers.
'The company said it was a common agreement, but we believe that, given the late struggles and investor frustration that the 3D system has experienced over the last two years, Avi may have been rolled out, angelo Zino, IQ analyst at S & P Capital, said.
3D Systems claims it invented 3D printing with its 'stereo printing' printer and commercialised the technology for the first time in 1989.