Luna Innovations Inc. (LUNA) just unveiled an update.
Richard Roedel has taken the helm as Luna Innovations Incorporated’s Interim Executive Chairman and Interim President following Scott Graeff’s retirement on March 24, 2024. Roedel, who has been on the board since 2005 and brings a wealth of experience from various other companies, will serve temporarily with a salary of $37,000 annually and a restricted stock unit award. Meanwhile, the board is actively searching for a permanent CEO. Roedel’s at-will term could last under a year, with the possibility of extension. Graeff’s departure comes with severance benefits including continued salary and COBRA payments for nine months, and vesting of certain stock units, subject to compliance with his separation agreement. Concurrently, the board has reduced its size and enacted additional governance changes to enhance company oversight.
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