ROANOKE, Va.–(BUSINESS WIRE)–Luna Innovations Incorporated (NASDAQ: LUNA), a global leader in advanced fiber optic-based technology, today announced that Scott Graeff has retired from his role as President and Chief Executive Officer of the Company and has stepped down from the Board of Directors, leaving the Company after 21 years, including the last seven as President and Chief Executive Officer. The Board has initiated a search for a new President and Chief Executive Officer with the support of a leading international search firm.
To oversee the Company’s operations while the search is ongoing, Richard Roedel, who has served as Chairman of the Board since 2010, has been appointed Executive Chairman and President on an interim basis. As Interim Executive Chairman and Interim President, Mr. Roedel will work closely with the Company’s leadership team to ensure the Company continues to execute its strategy and serve its customers. To ensure the Board continues to maintain strong independent oversight, Mary Beth Vitale has been designated to serve as Lead Independent Director during the pendency of Mr. Roedel’s service as Executive Chair. The Board has also established an Operations Committee, comprised of David Chanley, Barry Phelps and Gary Spiegel, to provide focused oversight of the Company during this transition period.
“Luna Innovations has a rich history of working in close collaboration with its customers and partners to develop best-in-class sensing, test and measurement, monitoring, and control solutions,” said Mr. Roedel. “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. We remain fully committed to our vision, mission, and values while advancing our leadership in fiber optic-based technology to enhance safety, security and connectivity in the world.”
About Luna
Luna Innovations Incorporated (www.lunainc.com) is a leader in optical technology, providing unique capabilities in high-performance, fiber optic-based, test products for the telecommunications industry and distributed fiber optic-based sensing for a multitude of industries. Luna’s business model is designed to accelerate the process of bringing new and innovative technologies to market.
