2023 Power 50: Eugene Scherbakov
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Eugene Scherbakov, CEO of IPG Photonics
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Scherbakov has the distinction of being only the second person to lead the $1.4-billion IPG Photonics. In May 2021, he replaced its founder Valentin Gapontsev as the Marlborough company’s CEO.
IPG Photonics is the third largest manufacturer headquartered in Central Massachusetts. The company has 1,600 local employees and 6,230 worldwide. It generated more than $1.43 billion in revenue in 2022. While those revenues are down compared to the $1.46 billion the company claimed in 2021, it’s still a significant number for a firm that has had to deal with part of its company having assets tied up in Russia, due to sanctions from both sides of the ongoing war in Ukraine.
Along with trusts created by Gapontsev before he died in 2021, Scherbakov controls about 33% of the common stock as managing director of an early version of the company, IP Fibre Devices, based in the United Kingdom. This gives Scherbakov significant influence in the publicly traded company, particularly in matters requiring shareholder approval such as election of directors, stockholder proposals, and approval of significant corporate transactions.
As the CEO, Scherbakov manages IPG’s major manufacturing facilities in the United States, Germany, Russia and Belarus, and its principal offices are located on Simarano Drive in Marlborough. China, though, is the company’s largest market, with sales to customers in China accounting for 34% of net sales in 2022, which was down from 38% in 2021 and 42% in 2020.
IPG has begun to diversify its portfolio of products under Scherbakov’s leadership. The company has focused on laser technology since it was started in 1990 and incorporated in 1998, but now the company has dived into electric vehicle technology, medical applications, and has increased the welding application sector of its company.
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