LMI Technologies (LMI), the global leader in 3D scanning and inspection, announced today that Terry Arden – LMI’s Chief Executive Officer, will be stepping down from his full-time CEO role, but will continue in a different role at LMI. This has been a carefully taken decision during 2020 and is based on the desire from Terry to have a better work life balance. Mark Radford – LMI’s Chief Operating Officer, will succeed Arden as CEO. Terry will continue on a part-time basis with LMI as Chief Brand Officer to support the LMI Executive in product and business strategy development while enjoying more time off with friends and family and the pursuit of other interests.
Alexander van der Lof, CEO of TKH Group, LMI’s parent company stated: ”It is of course a major step that Terry is making and we very much appreciate that Terry will continue to support LMI. His leadership and entrepreneurial spirit as well as his vision to bring LMI to technology and market leadership in the 3D Vision industry are extraordinary and we are very grateful for the passion and commitment that Terry has shown. A unique company with impressive success has been created with a very strong foundation of operational and technical talent on which the next generation of leadership through the appointment of Mark can be further built. I am excited about the opportunities that LMI has in the coming decade with its excellent products, expertise, and people and trust that everyone at LMI will fully support Mark.”
Terry Arden added “LMI has been my passion and focus for the past 18 years. During this time, I learned so much and was fortunate to translate market megatrends into winning moves that grew the company into the dominant player it is today. For the past 10 years now, LMI achieved 20% average YoY revenue growth by transforming its business through building smart products where customers could leverage web technologies to easily produce quality 3D data and apply imaging algorithms to extract key measurements and make pass/fail decisions. Through a constant stream of innovative product introductions, several fully integrated M&A’s, great place to work recognitions, and the development of a worldwide network of direct offices and distribution partners, LMI has built a leading position to transform factories toward a smarter, more efficient future. The LMI growth story is primarily a testament to the many bright minds at LMI who demonstrate excellence in their fields to deliver great products and customer experiences. For me, it is time now to pass the CEO reins to Mark who is well prepared and supported by strong management teams to steer LMI into another decade of prosperity and build upon our FactorySmart vision.”
Mark Radford, who was promoted to COO in 2016, previously held the roles of Director of Operations since 2014, and Director of Technology since 2012. Radford joined LMI in 2006 and has a broad range of knowledge and experience with LMI’s products, services, operations and customers.
Mark Radford stated, “I am honored to be selected as the next CEO of LMI, and want to thank both Terry and the TKH Executive Board for the opportunity and confidence they have placed in me to lead this strong organization. Terry has been a fantastic mentor these past 14 years. I look forward to working with the LMI Team to continue delivering technology leadership and industry-leading solutions to our customers.”