Hurco Announces Leadership Transition

Hurco Announces Leadership Transition

Hurco Companies, Inc. (Nasdaq Global Select Market: HURC) announced that, in connection with its long-term succession planning strategy, Michael Doar will transition from the role of Chief Executive Officer to the position of Executive Chairman of the Board, effective immediately. In his new role as Executive Chairman, Mr. Doar will continue to serve as a director of the company and will focus on growth and acquisition plans, board governance, development, and engagement, and other high-level strategic initiatives.

Greg Volovic

Greg Volovic, formerly President and Chief Operating Officer, will assume the roles of President and Chief Executive Officer, effective immediately. Volovic joined Hurco in 2005 as Executive Vice President of Software Development and was chartered with successfully introducing Hurco’s current motion control platform. He has held several roles at Hurco, including Executive Vice President of Operations, President, and Chief Operating Officer.

“Greg has had a significant impact on almost every facet of Hurco’s business, including research and development, marketing, engineering, product development and design, and management of our worldwide sales, service, and distribution networks,” Doar said. “Greg’s role in leading the identification and integration of strategic acquisitions and significant investments in technology over the last 10 years has been particularly impactful on the company’s growth and vision. He is a decisive leader with a track record in executing mergers and acquisitions, new product development, and innovation. I can’t think of anyone better positioned to lead Hurco into its next chapter.”

“Under Michael’s leadership these past 20 years, Hurco has experienced truly transformative growth,” Volovic said. “When Michael assumed the role of CEO in 2001, the company experienced annual revenues of less than $100 million and its stock price was hovering around $2.00 per share. During his tenure, he led the company to annual revenues exceeding $300 million and nearly a thirty-fold increase in stock price. More importantly, I can think of no other mentor I would have rather worked with during my time at Hurco. I am very fortunate to begin serving as CEO with a leadership and management team built from, and inspired by, the values instilled by Michael Doar.”

Hurco Companies, Inc. is an international, industrial technology company that sells its three brands of computer numeric control (“CNC”) machine tools to the worldwide metal cutting and metal forming industry.

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