- After about six and a half years in the position
- Responsibilities redistributed
- Search for a successor
(exechange) — Roanoke, Virginia, March 25, 2024 — Scott Graeff, chief executive of Luna, leaves his position. As announced by Luna Innovations Inc. in a news release and in a regulatory filing published on Monday, March 25, 2024, Scott A. Graeff has left his post as chief executive officer at the specialist in fiber optic-based technology, after about six and a half years in the role, effective March 24, 2024.
Generally speaking, it raises questions when a CEO leaves his post abruptly.
Luna will undertake a search for a successor.
Following Scott Graeff’s departure, the position of Chief Executive Officer will not be filled for the time being. Scott Graeff’s responsibilities are being redistributed.
“The highest standards of integrity”
Luna did not give an explicit reason for Scott Graeff’s departure from the CEO post. Richard Roedel, who has served as Chairman of the Board since 2010, and who has been appointed Executive Chairman and President on an interim basis, stated: “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. 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.”
Precise information regarding Scott Graeff’s future plans was not immediately available.
“Retired”
Luna said: “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.”
Luna further said: “On March 24, 2024, Scott Graeff retired as the President and Chief Executive Officer of the Company and as a member of the Board, effective immediately.”
Share price decline since March 2021
The announcement follows a decline in Luna Innovations Inc.’s share price of 68% since March 2021.
In the position of CEO since 2017
Scott Graeff became CEO of the Company in 2017.
Scott A. Graeff was appointed as the Company’s President, Chief Executive Officer and a member of the Board of Directors in 2017.
Graeff has served as the Company’s Treasurer since 2005, and the Company’s Secretary since May 2015.
Graeff previously served as the Company’s Chief Strategy Officer from 2012 to 2017 and as the Company’s Chief Commercialization Officer from 2010 to 2012.
He also served as the Company’s interim Chief Financial Officer during the period from 2010 to 2011.
He previously served as the Company’s Chief Operating Officer from 2009 to 2010, as the Company’s Chief Commercialization Officer from 2006 to 2009, and as the Company’s Chief Financial Officer and Executive Vice President, Corporate Development, from 2005 to 2006.
Graeff was also a member of the Company’s board of directors from 2005 until 2006. From 1999 to 2001, Graeff served as Chief Financial Officer of Liquidity Link, a software development company. From 2001 to 2002, Graeff served as President and Chief Financial Officer of Autumn Investments. From 2002 until 2005, Graeff served as a Managing Director for Gryphon Capital Partners, a venture capital investment group.
From 2003 until 2005, Graeff also served as the Acting Chief Financial Officer of Luna Technologies, Inc., which we acquired in 2005.
Graeff holds a B.S. degree in commerce from the University of Virginia.
No statement by Scott Graeff
The announcement of his departure as CEO does not include a statement by Scott Graeff.
The above text is an excerpt from the exechange report 14.2024 ($), publication date April 1, 2024.