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"Eugene has been the most valued member of IPG's leadership team for more than 20 years and has been instrumental in the Company's success during that time," said Dr. Gapontsev. "Given his demonstrated operational leadership, we are broadening the scope of Eugene's responsibilities to include worldwide production. Dr. Scherbakov will be responsible for enhancing process uniformity for production and service and continuing the standardization of information technology across IPG's manufacturing facilities."

Dr. Gapontsev added, "As Managing Director of IPG Laser GmbH, which produces the largest volume of IPG's finished products, Dr. Scherbakov's management and operational expertise have supported our ability to successfully introduce industry-leading products, as well as increase production, lower manufacturing costs and maintain high margins. We congratulate Dr. Scherbakov on this well-deserved promotion."

"We have an accomplished leadership team that I am confident will enable IPG to enter its next phase of growth and continue to capture market share," concluded Dr. Gapontsev.

Dr. Scherbakov has served as Managing Director of IPG Laser GmbH, IPG's German subsidiary, since August 2000 and Senior Vice President, Europe since February 2013. Previously, he was Technical Director of IPG Laser GmbH from 1995 to August 2000. From 1983 to 1995, Dr. Scherbakov was a senior scientist in nonlinear and fiber optics and head of the optical communications laboratory at the General Physics Institute, Russian Academy of Science in Moscow.