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ExOne management changes +2

08:31 19-Aug-16


Kent Rockwell is being replaced as CEO by Jim McCarley, who left RTI International Metals a year ago after it was acquired by Alcoa.  Rockwell will continue as Executive Chairman.  ExOne's president, Hans Sack is also retiring this month.

Although I don't see McCarley as a particularly prestigious addition, consistent with my prior comments about management, I think any change is probably fundamentally good.  It remains to be seen how the market will take this, and I'm still not positive about XONE.  Current pricing is clearly being driven by short covering, with the rebate rate declining to 6.3%. The company also just renewed its filing to further dilute shareholders.