More changes for troubled Revolution Lighting
STAMFORD — Revolution Lighting Technologies, which has been grappling with possibly incorrect fiscal reports, has hired a new chief financial officer, but has lost its accounting firm.
New CFO Joan Nano takes the post after a stint as a financial consultant for the company that started March 27. She had previously served, since 2008, as managing director of Finance Solutions, a financial consulting firm.
Nano will receive an annual base salary of $210,000, “plus a discretionary bonus opportunity,” according to Revolution filings to the U.S. Securities and Exchange Commission.
“I am honored that Joan has chosen to join Revolution as our CFO,” Robert LaPenta, Revolution’s CEO, chairman and president, said in a statement. “Joan has extensive regulatory and reporting experience and she will lead our corporate and division finance teams. I look forward to working with Joan in building a successful Revolution Lighting going forward.”
Meanwhile, Revolution officials are responding to the cutting of ties by professional-services firm RSM. Revolution officials said they learned last week of RSM’s decision.
RSM officials declined to comment Monday on their relations with Revolution.
The recent changes highlight the impact of the accounting issues have dogged Revolution in the past few months.
Former CFO James DePalma’s departure last month came days after the company announced that it will not meet a deadline for regaining compliance with the Nasdaq stock exchange’s Financial Reporting Rule, which requires timely filing of periodic financial reports with the SEC.
Nasdaq has granted the company’s request to stay the suspension of its securities from the stock exchange. A hearing related to Revolution’s Nasdaq listing status was held June 6, and a final decision is set to follow.
Revolution has not yet released financial results for the fourth quarter of 2018, first quarter of 2019 or fullyear 2018.
In 2017, Revolution’s revenues dropped about 12 percent, to about $152 million. The company sustained a loss of $6.7 million for the year.
To try to boost its growth, Revolution has undertaken a number of projects in recent years. Last year, the company reported it had received its first large order to outfit U.S. Navy ships with LED lights.
But the company has dealt with starting and shipping delays, particularly in its multifamily-housing lighting and Greenwich-based Tri-State LED divisions.
As part of a recent reorganization, Revolution consolidated two smaller divisions, All Around Lighting and E-Lighting, into its multifamily group.