Former Northern Tools CEO now at helm of Protolabs in C-suite shakeup

With sales stagnant and its stock price stumbling, contract manufacturer Protolabs has made a change at the top.

The Maple Plain-based company named Suresh Krishna, most recently chief executive of Burnsville-based Northern Tool + Equipment, to lead the company as president and CEO. He also will join the public company’s board.

He succeeds Rob Bodor, who is departing the company. Bodor, CEO since March 2021, will briefly serve as a consultant to ensure a smooth transition. A filing with the Securities and Exchange Commission said Bodor may sign a longer term consulting agreement.

Under Bodor, revenue growth has been fairly stagnant and Protolabs’ stock value fell more than 70%.

Before joining Northern Tool in April 2020, Krishna worked in management at Sleep Number and Polaris.

“With a 30-year track record of overseeing profitable growth and shareholder value creation at manufacturing companies, we are confident that he has the right skills and experience to build on the company’s positive momentum,” said Rainer Gawlick, chair of Protolabs’ board.

In addition to naming Krishna CEO, Protolabs said it was reaffirming its outlook for the second quarter of $124 million to $132 million in revenue and adjusted earnings of 30 cents to 38 cents a share, which is little changed from last year.

In the first quarter, earnings were down 32% to $3.6 million and revenue down slightly to $126.2 million. Earnings per share were 15 cents.

Protolabs was ranked 44th on the latest Star Tribune 50 list of Minnesota public companies with annual revenue of $501 million, down less than 1% from the year prior.

“Protolabs continues to be one of the most profitable service bureaus, and we believe the stock could outperform if management can effectively cross-sell its network offering with existing customers and drive higher levels of profitability,” said Cantor Fitzgerald analyst Troy Jensen in a research note.

Protolabs Chief Financial Officer Dan Schumacher said in the first quarter earnings release that the company is primed to both grow and “navigate periods of uncertainty” because it has good cash flow and zero debt on its balance sheet.

Bodor said in the release Protolabs is well-positioned to take on new contracts during any supply-chain disruption as President Donald Trump’s tariff policy evolves.

At Northern Tool, Krishna led a transformation of the company that including offering more innovative products, expanding stores and diversifying its supply chain.

“I’m honored to join Protolabs as its next CEO,” Krishna said in a statement. “This is an important time as the company works to expand its offerings and gain a larger share of the $100 billion digital manufacturing market.”

Protolabs made the CEO announcement after the market closed Wednesday. Its shares closed Thursday at $37.44 a share, down 5.4%.