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Investing.com -- Kornit Digital Ltd (NASDAQ:KRNT) stock rose 2.4% Monday after the digital textile printing company announced a CFO transition and a new $100 million share repurchase program.
The Israel-based company said Chief Financial Officer Lauri Hanover will step down in mid-December 2025 for personal reasons. Assaf Zipori, who most recently served as Global CFO of Nano Dimension Ltd. (NASDAQ:NNDM), will take over the position.
Kornit’s board also authorized a new $100 million share repurchase program, building on the $165 million in buybacks executed since 2023. The company cited its strong balance sheet and confidence in its long-term growth trajectory as reasons for the new program.
"Our business continues to strengthen as we execute on our strategic priorities, expand recurring revenues, and deliver improved profitability," said CEO Ronen Samuel in a statement.
The share repurchase program will allow Kornit to buy back shares in the open market or through privately negotiated transactions. The timing and amount of repurchases will depend on market conditions and other factors, with the program set to begin after a required 30-day creditor notification period under Israeli law.
Kornit Digital, which specializes in sustainable, on-demand digital fashion and textile production technologies, has been focusing on profitable growth and operational excellence as it leads the digital transformation of the fashion and textile industry.
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