Updated 12:20 pm EST. EdisonReport has learned that EFOI Board Member Kaj den Daas turned in his resignation today to the Board of Directors…..Developing….
Energy Focus (NASDAQ: EFOI) has announced that the Board of Directors approved, on August 24th, the termination of the company’s CEO Lesley Matt, effective immediately. The Board appointed Chiao Chieh Jay Huang as the new CEO; Mr. Huang will discontinue his Energy Focus Chairman of the Board role. Mr. Huang is also President of Sander Electronics.
In April 2023, EdisonReport noted that following her first full quarter as CEO of Energy Focus, Lesley Matt gave frank opening comments on the earnings call, referencing the “dismal” results for the past year as “essentially a story of survival from which it’s my job to lead us to rebuild.” The company is moving away from its previous 2020-2022 strategy to develop and market UV-C light disinfection (UVCD) products direct-to-consumers. The revised business strategy since mid- 2022, is to return focus to LED lighting and control products for military/marine market, commercial and industrial lighting markets. A dramatic restructure has already been completed, eliminating nearly two-thirds of positions, streamlining expenses, overhauling existing inventory and reducing operating space.
Sander Electronics, a manufacturer of high-brightness LEDs and electronic components, helped EFOI fund balance sheet improvements in early 2023 through debt restructuring. Mr. Huang joined the Energy Focus Board of Directors as Chairman at the time of the investment. Focus Energy CEO Matt noted in her April 2023 earning comments that “in addition to the financial improvement, Jay and the Sander Electronics team has been instrumental in addressing the supply chain problems that hobbled Energy Focus in 2022.”