ENGLEWOOD, CO – Lightwave Logic, Inc. (NASDAQ:LWLG), a developer of advanced photonic devices with a market capitalization of $243 million, has undergone a significant leadership reorganization, according to a recent SEC filing. The company appointed Yves LeMaitre as its new Chief Executive Officer and Thomas Zelibor as President, effective Monday. According to InvestingPro data, this leadership change comes as the stock has experienced a challenging year, down nearly 65% year-to-date.
LeMaitre, 60, joins Lightwave Logic with a wealth of experience in the laser, optical communications, and consumer electronics industries. He has served as a strategic advisor to companies in the photonics and optical communications markets and held executive roles at Astrobeam.space, Luna Innovations (NASDAQ:LUNA) Incorporated, Lumentum Holdings Inc (NASDAQ:LITE)., and Oclaro, Inc. The appointment comes at a crucial time, as InvestingPro analysis shows the company maintains strong liquidity with a current ratio of 24.48, though it faces profitability challenges.
Under the terms of his employment agreement, LeMaitre will receive an annual base salary of $420,000, with the potential for a $150,000 bonus based on the company's performance. He will also receive 50,000 shares of restricted stock and 150,000 stock options, both vesting in June 2025.
Zelibor, 70, previously served as the company's Chairman and CEO and brings over 35 years of leadership experience from the United States Navy and corporate roles at the United States Space Foundation and SAIC. His employment agreement includes a base salary of $360,000 and the chance for a $75,000 performance-based bonus. Zelibor's sign-on equity award consists of 35,000 shares of restricted stock and 80,000 stock options, also vesting in June 2025.
In other executive changes, Ronald Bucchi has been appointed as Chairman of the Board, and James S Marcelli has assumed the role of Chief Financial Officer in addition to his current position as Chief Operating Officer.
The company also announced the departure of Dr. Michael Lebby as CEO and Chairman of the Board on December 10, 2024. The reshuffle comes as Lightwave Logic continues to advance in the field of integrated photonics.
The filing did not disclose any family relationships or material interests in transactions involving the newly appointed officers, ensuring compliance with regulatory standards. While the company maintains a strong balance sheet with more cash than debt, InvestingPro analysis reveals additional insights about the company's financial health and market position, with 15+ more exclusive ProTips available to subscribers.
These executive appointments and departures are detailed in the company's 8-K filing, which serves as the source for this information.
In other recent news, Lightwave Logic has undergone significant changes in its management and operations.
The company announced new appointments to its executive team, with Yves LeMaitre named as the CEO and Thomas E. Zelibor as President. In addition, the company has reported progress in its optical modulator technology, showcasing a collaboration with Polariton Technologies that integrates Lightwave's Perkinamine™ Chromophores with Polariton's plasmonic modulator design, reaching performance levels up to 400 Gbps.
Lightwave Logic also announced the appointment of Thomas M. Connelly, Jr., former CEO of the American Chemical Society, and Yves LeMaitre to the board, bringing extensive experience in technology and corporate strategy. The company reported a change in its independent registered public accounting firm, with Stephano Slack LLC now appointed.
On the financial front, Lightwave Logic reported having $27 million in cash and equivalents as of September 30, 2024, and expects these funds to support operations through February 2026. The company is actively engaging with tier-1 companies for potential licensing, technology transfer, and material sales.
Finally, Lightwave Logic achieved a record-breaking low drive voltage below 1V at 200Gbps PAM4 in collaboration with Advanced Micro Foundry.
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