New CFO David Reeder takes over from Olin, who stepped into the role on an interim basis in September last year when former CFO Vincent Pilette resigned.

Reeder joins from his role of head of finance at US-based Cisco Systems' Enterprise Networking Group.

”Following a comprehensive search, I am very pleased to welcome David Reeder to EFI’s executive team,” said EFI chief executive officer Guy Gecht. “David was our clear first choice with his extensive background in both finance and operations at Cisco, Broadcom and Texas Instruments, which make him a tremendous asset to EFI’s diverse business.

“In addition, David’s significant global experience is a terrific fit as EFI further expands our geographic footprint, a key element of our growth strategy.”

Reeder added: “EFI has done a terrific job developing a unique portfolio of innovative products and executing on its global growth strategy. I believe the company has just begun to realise its opportunity.

“I am very excited to join this talented team and committed to executing on the opportunity as we grow EFI to its $1bn revenue target - and beyond.”

Meanwhile, Olin, who joined the company in 2003 when EFI acquired his firm PrintCafe, has been appointed to the newly created role of chief operating officer.

“Marc’s robust performance as an interim CFO for the past several months and his outstanding leadership in the accelerated growth of our Productivity Software have convinced us that EFI will benefit from expanding Marc’s role,” said Gecht.

“We are looking forward to having Marc take on additional responsibilities, including helping to expand our inkjet business both organically and through strategic acquisitions.”