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Energy Focus Recruits Lighting Industry Rising Star Lesley Matt as CEO
Rhea-AI Impact
(Neutral)
Rhea-AI Sentiment
(Very Positive)
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Rhea-AI Summary
Energy Focus, Inc. (NASDAQ: EFOI) has appointed Ms. Lesley Matt as the new Chief Executive Officer, effective September 12, 2022. Ms. Matt brings over 12 years of experience from TCP Lighting, where she successfully expanded their product portfolio. Chairman Steve Socolof expressed confidence in her leadership capabilities, particularly in navigating competitive environments. In connection with her role, an inducement award of stock options for 150,000 shares was approved, vesting over time. Energy Focus is known for its sustainable LED lighting and control technologies, aiming to enhance energy efficiency across various sectors.
Positive
Appointment of a new CEO, Lesley Matt, with significant industry experience.
Inducement award of stock options for 150,000 shares, aligning CEO's interests with shareholder value.
Negative
None.
SOLON, Ohio--(BUSINESS WIRE)--
Energy Focus, Inc. (NASDAQ: EFOI), a leader in sustainable, energy-efficient LED lighting control systems and products for the commercial, military, maritime and consumer markets, today announced that Ms. Lesley Matt will join the company as its new Chief Executive Officer, effective September 12, 2022.
Lesley Matt, CEO, Energy Focus, Inc. (Photo: Business Wire)
Ms. Matt spent over twelve years at TCP Lighting, helping grow the product portfolio of the Cleveland, Ohio-based company into one of the broadest in the lighting industry. She spent the last three years as Senior Vice President, with responsibilities for developing the organization, setting strategy and objectives for the sales team, P&L responsibility for multiple channels and product categories, and overseeing day-to-day operations. Prior to TCP Lighting, she had multiple roles in marketing and product management for software, advertising, and manufacturing companies.
Steve Socolof, Chairman of the Board of Energy Focus, commented, “We at Energy Focus are honored that Lesley chose to take the helm here as the next step in her ascent in the lighting industry. Lesley has demonstrated an ability to grow a lighting business successfully in a challenging, competitive environment. She understands the opportunity that Energy Focus offers to create a leading provider of high value, healthy lighting products across commercial and military markets. Our team and Board are excited to work with her.”
Lesley Matt commented, “I am confident in my ability to make Energy Focus a leading player in the industry. I believe my abilities to develop a vision, execute strategy, coach team members and be quick to a decision have been the driving forces in my success. I am thrilled to bring this skill set to my new team and am beyond excited to take this next step in my career.”
In connection with her appointment as Chief Executive Officer, the Board of Directors of Energy Focus approved an inducement award of stock options for Ms. Matt in accordance with Nasdaq Listing Rule 5635(c)(4). The award provides for the right to purchase up to 150,000 shares of common stock at an exercise price equal to the Company’s common stock closing price on the date of grant, will vest under substantially the same terms as the Company’s standard executive non-qualified option award agreement, and otherwise will be subject to substantially similar terms and conditions as those established under the Company’s amended and restated 2020 Stock Incentive Plan. Subject to the terms of the award agreement, one-fourth of the granted options will vest on the first anniversary of the grant date, and the remainder will vest in equal monthly installments thereafter over a three-year period.
About Energy Focus
Energy Focus is an industry-leading innovator of sustainable light-emitting diode (“LED”) lighting and lighting control technologies and solutions, as well as UVC Disinfection (”UVCD”) technologies and solutions. As the creator of the first flicker-free LED lamps, Energy Focus develops high quality LED lighting products and controls that provide extensive energy and maintenance savings, as well as aesthetics, safety, health, and sustainability benefits over conventional lighting. Our EnFocus™ Power Line Control (“PLC”) platform enables existing and new buildings to provide quality, convenient and affordable, dimmable, and color-tunable, circadian, and human-centric lighting capabilities. In addition, our patent pending UVCD technologies and products aim to provide effective, reliable, and affordable UVCD solutions for buildings, facilities, and homes. Energy Focus’ customers include U.S. and U.S. ally navies, U.S. federal, state, and local governments, healthcare, and educational institutions, as well as Fortune 500 companies. Since 2007, Energy Focus has installed approximately 900,000 lighting products across the U.S. Navy fleet, including tubular LEDs, waterline security lights, explosion-proof globes, and berth lights, saving more than five million gallons of fuel and 300,000 man-hours in lighting maintenance annually. Energy Focus is headquartered in Solon, Ohio. For more information, visit our website at www.energyfocus.com.
