GlobeNewswire Inc | Jan 7, 2021 04:05PM EST

January 07, 2021

OXFORD, Mass., Jan. 07, 2021 (GLOBE NEWSWIRE) -- IPG Photonics Corporation(NASDAQ: IPGP) today announced that the Company has appointed Ms. Jeanmarie Desmond and Ms. Natalia Pavlova to its board of directors, effective January 7, 2021. Mr. Igor Samartsev, the Companys chief technology officer, is stepping down from his board seat.

We are delighted to welcome Jeanmarie and Natalia to IPGs board of directors, said Dr. Valentin Gapontsev, the chair and chief executive officer of IPG Photonics. Jeanmaries broad financial expertise and experience in a large innovation-driven company will be invaluable to our efforts to capitalize on growth opportunities across our vertical and geographic markets. Natalia strengthens the connection between the Companys founding members and our board, further aligning the board with the interests of all IPG stockholders. On behalf of the board and the entire company, I also would like to thank Igor for his 14 years of service as a director. We look forward to his continued contributions to IPG Photonics as our chief technology officer.

Ms. Desmond is the former chief financial officer of DuPont. She was previously co-controller and head of finance for DowDuPonts Specialty Products Division, overseeing the divisions strategic planning, portfolio integration, and financial reporting. Prior to the merger of Dow and DuPont, Ms. Desmond served as vice president and controller of DuPont. During her more than 25 years with DuPont, she was responsible for a number of key strategic areas including finance leadership and operations, financial planning and analysis, tax, internal audit, accounting controls, risk management, mergers and acquisitions, and investor relations. Ms. Desmond will also become a member of the Audit Committee of the IPG Board.

Ms. Pavlova is the spouse of Mr. Samartsev and the former daughter-in-law of Dr. Gapontsev. In addition to her extensive knowledge of the Companys history and corporate culture, Ms. Pavlova is a significant shareholder, with a demonstrated commitment to the Companys long-term success.

About IPG Photonics Corporation IPG Photonics Corporation is the leader in high-power fiber lasers and amplifiers used primarily in materials processing and other diverse applications. The companys mission is to make its fiber laser technology the tool of choice in mass production. IPG accomplishes this mission by delivering superior performance, reliability and usability at a lower total cost of ownership compared with other types of lasers and non-laser tools, allowing end users to increase productivity and decrease costs. A member of the S&P 500 Index, IPG is headquartered in Oxford, Massachusetts and has more than 25 facilities worldwide. For more information, visit www.ipgphotonics.com.

Contact: Nicholas Manganaro Sharon Merrill Associates (617) 542-5300 ipgp@investorrelations.com