ROANOKE, Va. - Luna Innovations (NASDAQ:LUNA) Incorporated (NASDAQ:LUNA), known for its advanced fiber optic-based technology, today announced significant changes in its executive leadership. Scott Graeff has retired from his roles as President and Chief Executive Officer and has also stepped down from the Board of Directors after a tenure of 21 years, including seven years as President and CEO.
The company has appointed Richard Roedel as the Interim Executive Chairman and Interim President. Roedel, who has been serving as Chairman of the Board since 2010, will collaborate closely with Luna's leadership team to maintain the company's strategic operations and customer service during this period of transition.
Additionally, to support independent oversight, Mary Beth Vitale has been designated as Lead Independent Director while Roedel serves as Executive Chair. The Board has also formed an Operations Committee, consisting of David Chanley, Barry Phelps, and Gary Spiegel, to provide focused oversight of the company's operations during the search for a new CEO, which is being conducted with the assistance of a leading international search firm.
Luna Innovations prides itself on its history of collaboration with customers and partners to develop industry-leading sensing, testing, and measurement solutions.
"Our company's success is rooted in ensuring we operate in a manner that reflects the highest standards of integrity and with the openness and transparency that reflects the trust our customers put in us," said Roedel.
The company's business model is designed to accelerate the introduction of new and innovative technologies to the market, with a focus on high-performance, fiber optic-based test products for the telecommunications industry and distributed fiber optic sensing for various industries.
This transition and governance update is based on a press release statement and reflects the company's expectations regarding its executive leadership changes and its ability to execute its strategic plan. Luna Innovations has not provided additional comment on the retirement of Scott Graeff or the expected duration of the search for a new CEO.
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