Luna Innovations Initiates Search for a New CEO
10 Agosto 2010 - 5:05PM
Business Wire
Luna Innovations (NASDAQ: LUNA) today announced that its Board
of Directors has initiated a search for a new Chief Executive
Officer (CEO) as a successor to Dr. Kent Murphy.
As part of the previously announced transition plan for the
company’s leadership, Dr. Murphy will assume the role of Senior
Strategic and Technology Advisor. Dr. Murphy will remain a member
of the Board of Directors, serving in a new role as the Board’s
Vice Chairman. As an external advisor, he will direct his time and
attention to the company’s strategic and scientific vision and new
innovations.
“It has been a great privilege not only to found Luna
Innovations in 1990 but also to lead the wonderful people who have
made it a great company,” said Dr. Murphy. “I am very proud of what
the company has achieved over these years and look forward to
helping the company with its transition to new leadership and to
further innovations in technology. I very much look forward to my
continuing relationship with Luna.”
“We appreciate the many years of dedication that Kent has given
to Luna’s success and look forward to working with him in his new
role of Vice Chairman,” said Rich Roedel, Luna’s current Chairman
of the Board of Directors. The Board has established a CEO search
committee to lead the CEO search process and to assess potential
candidates and determine finalists for consideration. The Board has
retained AIMS International, a leading executive search firm, to
assist in the process.
Concurrently, and as previously planned, Jonathan Cool will end
his role as Acting President and Chief Operating Officer, which he
had assumed on a part-time and interim basis in May 2010. He will
remain a member of the Board of Directors, where he will continue
to provide the company with leadership and guidance as the Chairman
of the Strategy Committee and be available to assist senior
management as needed during the search and thereafter.
During the search for a new CEO, Dale Messick, current Chief
Financial Officer, will assume the role of interim President and
Chief Operating Officer (COO). Scott Graeff, currently Chief
Commercialization Officer (CCO), will assume the additional role of
interim Chief Financial Officer. Mr. Graeff previously served as
the company’s Chief Financial Officer and Executive Vice President,
Corporate Development, and was a member of the company’s Board of
Directors from August 2005 until March 2006.
These changes are part of Luna Innovations’ ongoing strategy to
accelerate the advancement of its business model toward the goal of
increasing revenue generation from commercial activities.
About Luna Innovations:
Luna Innovations Incorporated (http://www.lunainnovations.com)
is focused on sensing and instrumentation, and pharmaceutical
nanomedicines. Luna develops and manufactures new-generation
products for healthcare, telecommunications, energy and defense
markets. The company’s products are used to measure, monitor,
protect and improve critical processes in the markets served.
Through its commercialization business model, Luna continues to be
a leader in transitioning science to solutions. Luna is
headquartered in Roanoke, Virginia.
Forward-Looking Statements:
This release may include information that constitutes
"forward-looking statements" made pursuant to the safe harbor
provision of the Private Securities Litigation Reform Act of 1995.
Statements that describe the Company's management transition,
business strategy, goals, prospects, opportunities, outlook, plans
or intentions are also forward looking statements. Actual results
may differ materially from the expectations expressed in such
forward-looking statements as a result of various factors,
including risks and uncertainties concerning the effective
transition of the executive officer roles and the receptivity of
current and potential customers, employees, stockholders, potential
investors, suppliers and other third parties with whom the company
does business to those changes described herein and those risks set
forth in the company's periodic reports and other filings with the
Securities and Exchange Commission. Such filings are available at
the SEC's website at http://www.sec.gov, and at the company’s
website at http://www.lunainnovations.com. The statements made
in this release are based on information available to the company
as of the date of this release and Luna Innovations undertakes no
obligation to update any of the forward-looking statements after
the date of this release.
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