By Katherine Hamilton
Lightwave Logic shares lost a quarter of their value Wednesday after the company said it is hiring a new chief executive and bringing back a former CEO as president.
Shares fell 25.5% to $1.97 in recent trading. The stock is down 61% this year.
The Englewood, Colo., technology company said Michael Lebby retired as chief executive and chairman, effective Tuesday. Succeeding him as CEO is Yves LeMaitre. Lead independent director Ronald Bucchi will move into the role of non-executive independent chairman.
Thomas Zelibor, who formerly served as chief executive and chairman of Lightwave, will return as president.
"The Board and Michael agreed that the time is right for new leadership with the experience and business acumen commensurate with this new phase of our company," said Bucchi.
Write to Katherine Hamilton at katherine.hamilton@wsj.com
(END) Dow Jones Newswires
December 11, 2024 15:48 ET (20:48 GMT)
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