Roanoke’s Luna Innovations has hired one of its lead outside consultants to become its president and CEO, the company said in a dual-purpose report this week that also highlighted a $15 million loan.
Kevin Ilcisin, who is scheduled to start Aug. 1, was brought in by Luna nearly three months ago to help address financial reporting irregularities made public under former CEO Scott Graeff, who retired in March. Ilcisin, 59, of Oregon, is a former senior vice president at National Instruments and president of Juniper Strategies Advising. He will collect base pay of $133,000 a month, according to a filing Tuesday.
Ilcisin
The irregularities spawned personnel changes, including firings of at least eight staffers. It is unclear where the issues stand, as no resolution has been announced. A possible sale of the company, first disclosed in May, remains an option, according to the filing.
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Luna, which specializes in advanced fiber optics, disclosed in May that it had hired the global investment bank Evercore to “consider a wide range of options for the company including, among other things, a potential sale, merger or other strategic transaction.”
The company’s year took an abrupt turn when it notified the U.S. Securities and Exchange Commission in a public filing in March that several of its 2023 financial reports recognized revenue that did not qualify for recognition, were unreliable and would be revised and resubmitted. Graeff retired about two weeks later. A shareholder lawsuit alleging securities law violations followed. A California federal judge recently joined it and a second similar suit into a single case for continued litigation.
Ilcisin will directly succeed Richard Roedel, a longtime company employee who provided interim leadership but recently left for health reasons, the filing said.
Barry Phelps, chairman of Luna’s board, said in a prepared release that Ilcisin “is well-positioned to lead Luna with respect to its pursuit of opportunities for growth and strategic alternatives.”
In Tuesday’s second significant disclosure, Luna has arranged to borrow up to $15 million from limited partnerships related to White Hat Capital Partners, a New York investment manager. The filing does not specify planned uses for the money. White Hat invested $50 million in Luna last year pegged for business expansion and retirement of debt.
Jeff Sturgeon (540) 981-3251