IPG fills late founder's seat as board chairman
Photo | Courtesy of IPG Photonics
Valentin Gapontsev, the late founder, CEO, and chairman of IPG Photonics
Following the Oct. 22 death of Founder, Chairman, and former CEO Valentin Gapontsev, laser manufacturer IPG Photonics of Oxford has named longtime board member, and its lead independent director, John Peeler as the new chairman of the board.
Chairman was the last official role Gapontsev held at IPG at the time of his death. He relinquished his CEO role, one he held since the company's founding in 1990, in April when Chief Operating Officer Eugene Scherbakov took on the top day-to-day leadership role.
Peeler has served on IPG’s board of directors since 2012. His appointment as chairman was effective Oct. 29, according to a company earnings report released Tuesday.
Unlike Gapontsev, who served as executive chairman, Peeler will serve as non-executive chairman, meaning he will lead the board of directors but not have a leadership role in the day-to-day operations of the company.
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