Luna Innovations Initiates Search for a New CEO

Luna Innovations announced that its Board of Directors has initiated a search for a new CEO as a successor to Dr. Kent Murphy.

As part of the previously announced transition plan for the company’s leadership, Dr. Murphy will assume the role of senior strategic and technology advisor. Dr. Murphy will remain a member of the Board of Directors, serving in a new role as the board’s vice chairman. As an external advisor, he will direct his time and attention to the company’s strategic and scientific vision and new innovations.

“It has been a great privilege not only to found Luna Innovations in 1990 but also to lead the wonderful people who have made it a great company,” said Dr. Murphy. “I am very proud of what the company has achieved over these years and look forward to helping the company with its transition to new leadership and to further innovations in technology. I very much look forward to my continuing relationship with Luna.”

“We appreciate the many years of dedication that Kent has given to Luna’s success and look forward to working with him in his new role of vice chairman,” said Rich Roedel, Luna’s current chairman of the Board of Directors.

Concurrently, and as previously planned, Jonathan Cool will end his role as acting president and COO, which he had assumed on a part-time and interim basis, in May 2010. He will remain a member of the Board of Directors, where he will continue to provide the company with leadership and guidance as the chairman of the Strategy Committee and be available to assist senior management as needed during the search and thereafter.

During the search for a new CEO, Dale Messick, current CFO, will assume the role of interim president and COO. Scott Graeff, currently chief commercialization officer, will assume the additional role of interim CFO. Graeff previously served as the company’s CFO and EVP, corporate development, and was a member of the company’s Board of Directors from August 2005 until March 2006.

These changes are part of Luna Innovations’ ongoing strategy to accelerate the advancement of its business model toward the goal of increasing revenue generation from commercial activities.