x

Posted 17 February, 2022

ENERGY FOCUS, INC/DE appointed Stephen Socolof as new CEO

Nasdaq:EFOI appointed new Chief Executive Officer Stephen Socolof in a 8-K filed on 17 February, 2022.


  As previously disclosed, on January 11, 2022, Energy Focus, Inc. (the "Company") announced that its Board of Directors (the "Board") had appointed Stephen Socolof, the Company's Lead Independent Director, to serve as Interim Chief Executive Officer, replacing James Tu, the former Chief Executive Officer of the Company.  

Don't how to trade CEO change? Read Reasons for CEO Turnover and Effect on Stock Performance.
Overview of ENERGY FOCUS, INC/DE
Industrial Goods • Industrial Electronics
Energy Focus, Inc. engages in the design, development, manufacture, and marketing of lighting systems and controls. The company was founded in 1985 and is headquartered in Solon, OH.
Market Cap
$6.36M
View Company Details
ENERGY FOCUS, INC/DE by TradingView
Relevant filing section
Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.


As previously disclosed, on January 11, 2022, Energy Focus, Inc. (the "Company") announced that its Board of Directors (the "Board") had appointed Stephen Socolof, the Company's Lead Independent Director, to serve as Interim Chief Executive Officer, replacing James Tu, the former Chief Executive Officer of the Company. In connection with Mr. Tu's separation from the Company as its Chief Executive Officer, on February 11, 2022, Mr. Tu and the Company entered into a Separation Agreement and Release (the "Separation Agreement"), which provides for the continued payment of Mr. Tu's salary at the rate then in effect for a period of six months following his separation date and six months of continued benefits. Pursuant to the Separation Agreement, Mr. Tu has agreed to step down as a member of the Board of Directors, effective February 11, 2022.

Pursuant to the Separation Agreement, among other things, Mr. Tu agreed to customary non-competition and non-solicitation provisions for a period of one year and customary standstill and voting provisions for a period of six months.

The foregoing description of the Severance Agreement and Release is not complete and is qualified in its entirety by references to the full text of the Separation Agreement and Release, which is filed as an exhibit to this Current Report on Form 8-K and is incorporated by reference herein.