New CEO to take charge of Lightwave Logic

LONGMONT — Lightwave Logic Inc. (OTCQB: LWLG), a technology company focused on photonic devices, has a new CEO effective May 1.

Michael Lebby will assume the role of CEO, while Tom Zelibor, the company’s current chief executive officer, will remain chairman of the Board.

Lebby has been a member of Lightwave’s board of directors since August 2015 and has had a 20-year career in the optoelectronics business.

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He served on the company’s operations committee, which has been key to advancing Lightwave in its polymer technology and device development, according to a company statement. Lebby was president and CEO of Optoelectronics Industry Development Association from 2005 to 2010. While at Intel in 1999, he initiated that company’s photonics division.

Prior to taking the CEO position of Lightwave, Lebby, 56, was president and CEO of privately owned OneChip Photonics Inc. since 2013. He was also a part-time professor and chair of optoelectronics at Glyndwr University in Wales.

Lightwave has now decided to have a “changing of the guard,” said Zelibor, adding that Lebby had the skills and experience in photonics to bring Lightwave to the next level.

Zelibor will still be involved with the company.

“As the Company’s Chair, I remain committed to oversee this successful transition and am fully confident in Michael’s ability not only to communicate the features and benefits of our [Polymer Photonics Integrated Circuit] platform to important industry players, but also to oversee its expansion into new areas of opportunity,” he said in a prepared statement.

As CEO, Lebby will have a base salary of $265,000 per year and the option to purchase up to 350,000 shares of common stock, according to an 8K form file with the U.S. Securities and Exchange Commission.

In addition to the change in CEO, board member Andrew Ashton tendered his resignation, effective today. He will remain a senior vice president and secretary of the company.

James Marcelli, president and chief operating officer of Lightwave, had his base salary increased to $250,000 per year and his contract extended to December 2019.