Roanoke-based technology company Luna Innovations’ top executive has left the company, citing health reasons, the company has reported.
Richard Roedel had been Luna’s interim executive chairman and interim president since March, when former president and CEO Scott Graeff resigned. Graeff departed after the company disclosed earnings reporting discrepancies that caused it to indefinitely delay annual and quarterly reports.
[Disclosure: Quinn Graeff, who is married to Scott Graeff, is a member of the Cardinal Productions Inc. board of directors. The Graeffs are also contributors to Cardinal News. Neither board members nor donors have any influence or say in news decisions; see our policy.]
“Mr. Roedel’s resignation is the result of personal health reasons and not the result of any disagreement with the Company on any matter relating to the Company’s operations, policies or practices,” Luna reported in a Friday filing with the federal Securities and Exchange Commission. “In connection with his resignation, Mr. Roedel is not entitled to receive any severance or other benefits upon his separation from the Company.”
Roedel, who had been Luna’s board chairman since 2010, submitted his immediate resignation on July 12, according to the SEC filing. Warren “Barry” Phelps will take his place as board chair, but without executive responsibilities, according to the filing.
Phelps, a Luna board member since 2017, chairs the board’s operations committee and audit committee, according to a company biography.
It’s the latest of multiple recent leadership changes at Luna. It comes as the firm, which has reported accounting errors and unreliable financial statements dating to 2022, faces lawsuits from some of its investors and is in jeopardy of delisting from the Nasdaq Stock Market.
Luna Innovations develops fiber-optic sensors and measuring tools for the automotive, communications and energy industries, and other markets.
