Alex Davern and Kevin Ilcisin Join as Advisors
to the Board of Directors
John Roiko Appointed as Chief Financial
Officer
Board Announces Exploration of Strategic
Alternatives
Company Provides Update Related to Special
Committee Independent Review
Luna Innovations Incorporated (NASDAQ: LUNA) (the “Company”), a
global leader in advanced fiber optic-based technology, today
announced that it has retained senior executives and industry
veterans Alex Davern and Kevin Ilcisin as consultants to provide
strategic advice and counsel with respect to the Company’s
operations and strategy. Mr. Davern and Mr. Ilcisin will report to
Richard Roedel, the Company’s Interim Executive Chairman and
Interim President. The Company has also appointed finance executive
John Roiko as Chief Financial Officer to succeed George
Gomez-Quintero, who notified the Company on April 29, of his
resignation from his position, which became effective today.
“As we continue to grow our business and pursue our mission of
delivering best in class solutions to our customers, we are pleased
to have Alex and Kevin advise the Company and our leadership team,”
said Mr. Roedel. “Alex and Kevin bring deep experience in the area
of test and measurement hardware and software solutions and have an
excellent track record of delivering stockholder value. We are also
pleased to have added John, a highly seasoned public company
executive who brings decades of accounting and finance experience
in addition to his sector expertise, and we look forward to
leveraging his expertise to advance our financial operations.”
In addition, the Company’s Board of Directors (the “Board”) is
initiating a review of strategic alternatives available to the
Company in consultation with its financial and legal advisors. The
Board has engaged Evercore to serve as its financial advisor. Mr.
Davern and Mr. Ilcisin will play a leading role in the strategic
review process and will begin their work with a full review of
Luna’s operations and strategy.
“We are honored and excited to work with the dedicated and
seasoned professionals at Luna who are focused on delivering
solutions to Luna’s marquee customer base,” said Mr. Davern and Mr.
Ilcisin. “With its cutting-edge fiber optic-based sensing
technology, Luna has tremendous potential, and we look forward to
leveraging the Company’s industry leading position and exceptional
talent to drive continued strong product development and providing
our customers with exceptional service.”
Further, in connection with the Special Committee of the Board’s
continuing independent review into the Company’s historical
financial statements, Chief Technology Officer Brian Soller was
terminated from his position for cause effective today, and the
Company also terminated the employment of seven additional
employees. The Board has also determined that former President and
Chief Executive Officer, Scott Graeff, engaged in conduct that
constituted “Cause” under his employment agreement, triggering
certain clawback provisions in his separation agreement dated March
24, 2024.
Biographies
Alex Davern
Alex Davern was previously the CEO of National Instruments, a
leading provider of software-connected automated test and
measurement systems, where he started working in 1994 and was a key
member of the team that drove annual revenue from $100 million to
more than $1.3 billion during his tenure which ended in 2020. He
continued to serve as a Director of National Instruments until the
Company was acquired by Emerson in October 2023.
In 2021, Mr. Davern was appointed Chairman of ESI Group, a
virtual prototyping and simulation software company, to lead a
process to enhance the company’s performance and strategic
direction which culminated in a sale of ESI Group to Keysight
Technologies in November 2023. Mr. Davern currently serves on the
boards of directors for FARO Technologies and Cirrus Logic.
During his tenure at National Instruments, Mr. Davern also
served as President, COO, Executive Vice President, CFO, Treasurer,
Senior Vice President, Corporate Controller, and International
Controller. Before joining National Instruments, he worked in
Europe and the U.S. for the international accounting firm Price
Waterhouse LLP.
Mr. Davern holds a bachelor’s degree in commerce and a
postgraduate diploma in professional accounting from University
College Dublin in Ireland.
Kevin Ilcisin
Kevin Ilcisin is the co-founder of the advisory firm Juniper
Strategies. Prior to founding Juniper, Mr. Ilcisin served as Senior
Vice President of Strategy and Corporate Development at National
Instruments where he led several acquisitions as well as the sale
of National Instruments to Emerson. Prior to National Instruments,
he was the Chief Technology officer of Tektronix, a subsidiary of
Fortive, a spin-off of Danaher Corporation, where he managed
strategic planning and technology growth initiatives.
Mr. Ilcisin has also held several general management and
technology executive roles in the semiconductor equipment, consumer
electronics, and energy research industries, including start-ups
and scale ups.
Mr. Ilcisin holds a Ph.D. and M.A. degrees in Plasma Physics
from Princeton University and B.Sc. in Electrical Engineering with
Distinction from the University of Alberta.
John Roiko
John Roiko joined National Instruments in 1998 and most recently
served as Chief Accounting Officer, overseeing National
Instruments’ global accounting organization. Mr. Roiko had
previously served a number of senior financial roles at National
Instruments, including as Vice President, Finance, and Interim
Chief Financial Officer.
Prior to joining National Instruments, Mr. Roiko worked as a
product line controller for the defense division at Honeywell
before moving to Emerson Process Management as the North Americas
accounting manager. Mr. Roiko then pursued start-up opportunities
as the Chief Financial Officer for Columbia Scientific and director
of accounting for Arrowsmith Technologies.
Mr. Roiko holds a bachelor’s degree in Finance with a minor in
Accounting from St. Cloud State University and a master’s degree
from Minnesota State University.
Strategic Review
Supported by Evercore, the Board will consider a wide range of
options for the Company including, among other things, a potential
sale, merger or other strategic transaction. There is no deadline
or definitive timetable set for completion of the strategic
alternatives process, and there is no assurance that this process
will result in any specific transaction. There is also no assurance
as to the specific terms or timing for any agreed transaction if
one were to result. The Company does not plan to make further
comment or disclosures regarding this review until such time as
required by law or otherwise deemed appropriate.
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.
Forward-Looking Statements
This press release contains statements that constitute
“forward-looking information” and “forward-looking statements”
within the meaning of U.S. securities laws. All statements other
than statements of historical facts contained in this press
release, including statements regarding the ongoing internal
investigation, the timing of the Company’s filings with the U.S.
Securities and Exchange Commission and the issuance of restated
financial statements, the Company’s future performance and product
development and the Company’s exploration of strategic alternatives
are forward-looking statements. Forward-looking statements are
based on management’s beliefs and assumptions and on information
currently available to management. Such statements are subject to
risks and uncertainties, and actual results may differ materially
from those expressed or implied in the forward-looking statements,
including the results of the ongoing internal investigations, the
uncertainties inherent in management transitions, uncertainties
associated with the exploration of strategic alternatives and such
other risks and uncertainties described in Luna’s filings with the
U.S. Securities and Exchange Commission, including in Luna’s
Quarterly Report on Form 10-Q for the quarter ended September 30,
2023. Such filings are available on the SEC’s website at
www.sec.gov and on Luna’s website at www.lunainc.com. The Company
expressly disclaims any obligation or undertaking to update the
forward-looking statements contained in this press release to
reflect any change in its expectations or any change in events,
conditions, or circumstances on which such statements are based
unless required to do so by applicable law. No assurance can be
given that such future results will be achieved. Forward-looking
statements speak only as of the date of this press release.
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version on businesswire.com: https://www.businesswire.com/news/home/20240501041493/en/
Investor Contact: Allison Woody Luna Innovations
Incorporated Phone: 540.769.8465 Email: woodya@lunainc.com
Media Contact: Chris Kittredge/Stephen Pettibone FGS
Global Email: luna@fgsglobal.com
Grafico Azioni Luna Innovations (NASDAQ:LUNA)
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Da Gen 2025 a Feb 2025
Grafico Azioni Luna Innovations (NASDAQ:LUNA)
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