Velo3D stock falls as CFO James Suva departs company
Investing.com -- Velo3D Inc (NASDAQ: VELO) shares dropped 8.1% in premarket trading Monday following the departure of Chief Financial Officer James Suva.
The 3D printing company disclosed in an 8-K filing that Suva separated from employment on September 28, 2026. The company stated that Suva's departure was not due to any disagreement with the company on any matter related to its operations, policies or practices.
Velo3D's board of directors appointed Terence P. Wynn as Interim Chief Financial Officer, effective the same day. Wynn, 70, will serve as a consultant rather than an employee through KongBasileConsulting LLC, which has provided accounting and financial reporting services to Velo3D since January 2021.
Under the Officer Services Agreement, KongBasileConsulting will receive a monthly fee of $32,500 for Wynn's services, plus reimbursement of pre-approved expenses. The agreement can be terminated by either party with written notice, and the board may remove Wynn from his position at any time.
Wynn has served as an independent CFO consultant through KongBasileConsulting since 2020, working with early-stage and emerging companies. From 2018 to 2020, he served as Chief Financial Officer of Business Wire, Inc., a Berkshire Hathaway company. He previously held finance positions at Silicon Valley Finance Group and Sony Computer Entertainment America LLC.
Wynn holds a Bachelor of Science in Business Administration with a concentration in Accounting from California State University, Chico, and is an inactive Certified Public Accountant in California.