September 12, 2022
Energy Focus Appoints New CEO
TCP executive is tapped to lead turnaround for Ohio-based LED lighting company
Lesley Matt has been appointed the new Chief Executive Officer of Energy Focus, Inc. effective September 12, 2022. Matt, who was named to tED Magazine’s 30 Under 35 list in 2019 was most recently an executive with TCP where she started in a marketing role in 2010 and eventually ascended through the company to become Senior Vice President.
Earlier this year, Energy Focus announced that CEO James Tu would be leaving the company. Board member and experienced venture capitalist, Stephen Socolof, has since served as Interim CEO until Matt’s permanent CEO appointment.
Matt's base salary will be $260,000 with potential to earn up to a $130,000 bonus. Matt was also granted an initial stock option award to purchase 150,000 shares of the company’s common stock that will be fully vested in four years.
In 2015, Energy Focus generated over $64 million in revenue. In the most recent fiscal year, sales dipped below $10 million. Below is the announcement from Energy Focus:
Energy Focus Recruits Lighting Industry Rising Star Lesley Matt as CEO
SOLON, Ohio -- 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.
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.