Date Announced: 05 Jun 2018
Donald O. Retreage, Jr. Appointed Chief Financial Officer; New Senior Finance/Administration Position Created to Accommodate Continued Growth.
ORLANDO, FL / ACCESSWIRE / June 5, 2018 / LightPath Technologies, Inc. (LPTH) ("LightPath," the "Company," or "we"), a leading vertically integrated global manufacturer, distributor and integrator of proprietary optical and infrared components and high-level assemblies, today announced that it is strengthening its senior leadership team to support its ongoing growth strategy. Dorothy M. Cipolla, the Company's current Chief Financial Officer, has been named Vice President and Executive Director of Compliance, Treasury and Tax, a newly created position, effective June 18, 2018. In connection with this new position, Ms. Cipolla will resign as Chief Financial Officer effective as of the same date. Donald O. Retreage, Jr. has been named as the Company's new Chief Financial Officer, effective June 18, 2018.
"LightPath has gone through a significant transformation over the past few years. Our business has diversified internationally as we have become a global leader of infrared and visible optical technologies with revenues exceeding $28 million in fiscal 2017, representing a 200% increase in revenues as compared to $14 million in fiscal 2015. As we continue to implement our strategic growth plan, we are mindful of the planning needed to optimize all facets of the organization, including facilities management, technical capabilities, product roadmap, capitalization and capital investments, balance sheet strength, and financial controls. Effective implementation and management of these areas required the expansion of our senior leadership team," said Jim Gaynor, President and Chief Executive Officer of LightPath.
"We determined the need to create a new role, which we believe is critical to our overall financial strategy due to the increased complexity of our domestic and international operations along with our anticipated continued growth. Cash management, tax issues, foreign currency exchange, and public company reporting requirements continue to increase in complexity and scope requiring full time attention. Reflecting our preference to promote from within, and after conducting a comprehensive search, we concluded that the best candidate to fill the newly created finance and administrative role is our current Chief Financial Officer, Dorothy Cipolla. Dorothy has made significant contributions to the success of LightPath during the past 12 years and we are gratified by her continued commitment to the Company as we embark on our next phase of growth. We are equally excited to welcome Donald Retreage, Jr. to our expanding team as our new Chief Financial Officer. With the strengthening of our senior leadership team, particularly in the areas of finance and strategy, we are far better positioned to capitalize on the opportunities ahead."
Donald Retreage, Jr. is a corporate leader with vast experience of nearly 25 years in international finance and accounting, a financial management expert with a proven track record of accelerating revenue growth, and adept at strategic decision-making resulting directly in maximized workforce productivity and business profitability. He brings to LightPath a multi-faceted skillset that effectively aligns strategic initiatives with corporate targets across revenue generation, cost controls, financial reporting, staff development, employee engagement, and public company valuation metrics. Mr. Retreage comes to LightPath from Houser Logistics, Inc., where he served as Senior Vice President. After graduating from the University of Louisiana of Lafayette with a Bachelor of Science in Business Administration, Accounting & Finance, he spent the majority of his career in increasingly progressive financial and operational roles for multinational corporations, including Seaboard Corporation and Sodexho/Universal Ogden Services.
Source: LightPath Technologies
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Web Site: www.lightpath.com