Marc Kermisch
Proto LabsAbout Marc Kermisch
Marc Kermisch is Proto Labs’ Chief Technology & AI Officer, appointed effective October 13, 2025, following the departure of the prior CTO, Oleg Ryaboy . He brings 25+ years of leadership across manufacturing, software, and retail, including Global Chief Digital & Information Officer at CNH and CTO at Optum Rx; he holds a B.A. in English from the University of Wisconsin–Madison . Equilar lists his age as 51 . Company context during his onboarding: 2024 gross margin was 44.6%, non-GAAP EPS $1.63, revenue $500.9M, and cash from operations $77.8M; management noted TSR trailed peers in recent periods, with annual cash incentives below target and options granted prior to 2023 underwater .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Emergent Software | Chief Technology Officer | 2024–2025 | Led software, cloud, AI, and data engineering; drove technology vision and client modernization |
| CNH (Case New Holland) | Global Chief Digital & Information Officer; ad interim Chief Technology & Quality Officer | 2021–2024 | Advanced autonomous vehicles, precision farming, electric powertrains; led global product engineering and R&D |
| Optum Rx (UnitedHealth Group) | Senior VP & CTO | ~2020–2021 | Defined architecture and technology strategy for PBM division |
| Bluestem Brands | EVP & CIO | 2019–2020 | Transformed core eCommerce and mobile platforms |
| Red Wing Shoe Company | VP & Chief Information & Innovation Officer | ~2014–2019 | Drove new POS, eCommerce launch/evolution, Agile delivery, and innovation programs |
| Earlier: Target, Xcel Energy, The Hartford; Imaginet | Various IT leadership; Programmer | 1997 onward | Built technology organizations, operational efficiencies across sectors |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| American AgCredit | Board Director | Current | Publicly noted in Protolabs appointment release |
| Crew Carwash | Board Director | Current | Publicly noted in Protolabs appointment release |
| Salo LLC | Board Director | Prior/current | Listed in SIM Minnesota speaker bio |
Fixed Compensation
- As of November 19, 2025, Protolabs has not disclosed Marc Kermisch’s base salary, target bonus, or initial equity grants in SEC filings; the 8-K announced his appointment, and his Form 3 showed no beneficial ownership upon joining .
- Executive stock ownership guidelines: CEO must hold 5× salary; other executive officers 1× salary, with a five-year compliance period and mandatory retention of 100% of after-tax “net profit shares” until compliant .
- Hedging and pledging prohibited for executive officers (no margin purchases, pledges, shorts, options/derivatives, or automatic limit orders with limited exceptions) .
- Clawbacks: SEC Rule 10D-1 compliant clawback plus supplemental policy to recoup incentive comp from vice president-and-above management for misconduct causing significant financial or reputational harm .
- No tax gross-ups on perquisites, severance, or change-in-control payments .
Performance Compensation
- Annual incentive design (company program): Revenue (75% weighting) and Adjusted Operating Income (AOI) margin (25%) with 200% cap; 2024 consolidated revenue and AOI did not meet thresholds, producing 0% payouts on those components for most NEOs .
| Objective | 2024 Threshold | 2024 Target | 2024 Maximum | 2024 Actual | Final Payout Factor |
|---|---|---|---|---|---|
| Consolidated Revenue | $502.3M | $551.5M | $617.0M | $497.6M | 0.0% |
| United States Revenue | $396.1M | $433.3M | $483.6M | $396.2M | 30.4% |
| EMEA Revenue | $106.2M | $128.2M | $160.1M | $101.4M | 0.0% |
| Consolidated AOI Margin | 11.5% | 12.0% | 15.8% | 10.4% | 0.0% |
- PSU design (company program): 3-year cumulative TSR vs Russell 2000 Growth Index; payout scale below, with a 100% cap if cumulative TSR is negative .
| Relative TSR Percentile | PSU Payout (% of Target) |
|---|---|
| <25th | 0% |
| 25th | 50% |
| 50th | 100% |
| ≥75th | 200% |
- 2022 PSU outcome (context): With cumulative TSR of -19.8% (relative TSR 54.4%), payout was capped at 100% of target; earned PSUs vested Feb 13, 2025 .
| Executive | 2022 PSUs Earned |
|---|---|
| Robert Bodor | 23,570 |
| Daniel Schumacher | 3,077 |
| Michael R. Kenison | 1,894 |
| Bjoern Klaas | 1,841 |
Equity Ownership & Alignment
| Filing | Date | Title of Security | Shares Beneficially Owned | Notes |
|---|---|---|---|---|
| Form 3 (Initial Statement) | Oct 15, 2025 | — | 0 | “No securities are beneficially owned.” Officer title: Chief Technology & AI Officer |
- Ownership guidelines: 1× salary for executive officers, five-year compliance window, mandatory retention until compliant .
- Hedging/pledging: Prohibited for executive officers .
Employment Terms
- Company-wide “double trigger” equity acceleration under the LTIP in connection with change-in-control and qualifying termination within one year (or failure to assume/continue awards) .
- Standard executive severance agreement (for NEOs other than CEO): if terminated without cause or for good reason outside the 18-month change-in-control transition period, severance equals 12 months of base salary paid over time, pro rata annual bonus, 12 months COBRA, and pro rata vesting of awards scheduled to vest on next anniversary; during the transition period, vesting fully accelerates and target annual bonus is paid in addition to severance and COBRA .
- Clawbacks and no tax gross-ups apply as noted above .
Investment Implications
- Strategic signal: Elevating the role to “Chief Technology & AI Officer” and appointing a leader with autonomous systems and AI background suggests increased emphasis on software/AI integration across quoting, machine automation, and quality control—potentially enhancing margin and throughput over time .
- Alignment watchpoints: Initial Form 3 shows no holdings; equity grants and compensation specifics for Kermisch have not yet been disclosed—monitor for Form 4 filings and the 2026 proxy to assess pay-for-performance alignment, vesting schedules, and potential insider selling pressure .
- Governance mitigants: Strong policies on hedging/pledging, clawbacks, ownership guidelines, and double-trigger equity treatment reduce misalignment risk and discourage opportunistic trading around sensitive events .
- Execution and retention: Recent CEO transition (May 2025) alongside CTO change places operational execution under scrutiny; compensation structures historically emphasize at-risk pay tied to revenue/AOI and relative TSR, which can support long-term value creation if targets are appropriately rigorous .