IPG Names Industry Veteran Mark Gitin CEO

IPG Photonics has named Mark Gitin CEO. Gitin, who currently heads the photonics solutions division at MKS Instruments, will succeed IPG co-founder Eugene Scherbakov, effective June 5.

Gitin joined MKS in 2017 as vice president and general manager of the photonics business unit, and in 2018 he assumed responsibility for the company's instruments and motion business. From 1995 to 2017, he held several executive roles at Coherent, including vice president of strategic marketing, vice president of business development, and vice president and general manager of the diodes, fibers, and systems business unit.

Eugene Scherbakov has served as CEO since 2021, succeeding company founder Valentin Gapontsev. Prior to taking over as CEO, Scherbakov served as the company’s COO; managing director of IPG Laser GmbH; senior vice president, Europe; and director. He has more than 30 years of experience with IPG.

Per the appointment, Gitin will also join the IPG board, which will expand to 11 members. Scherbakov will remain a member of the board and will serve as an advisor to the newly appointed CEO.

IPG made the announcement Tuesday, the same day that it announced its first quarter earnings. The company posted revenue of $252 million, a 27% year-over-year decrease. IPG said that it expects revenue of $240 million to $270 million for its second quarter.