Luna Innovations (NASDAQ: LUNA) today announced that its Board of Directors has initiated a search for a new Chief Executive Officer (CEO) as a successor to Dr. Kent Murphy.

As part of the previously announced transition plan for the company’s leadership, Dr. Murphy will assume the role of Senior Strategic and Technology Advisor. Dr. Murphy will remain a member of the Board of Directors, serving in a new role as the Board’s Vice Chairman. As an external advisor, he will direct his time and attention to the company’s strategic and scientific vision and new innovations.

“It has been a great privilege not only to found Luna Innovations in 1990 but also to lead the wonderful people who have made it a great company,” said Dr. Murphy. “I am very proud of what the company has achieved over these years and look forward to helping the company with its transition to new leadership and to further innovations in technology. I very much look forward to my continuing relationship with Luna.”

“We appreciate the many years of dedication that Kent has given to Luna’s success and look forward to working with him in his new role of Vice Chairman,” said Rich Roedel, Luna’s current Chairman of the Board of Directors. The Board has established a CEO search committee to lead the CEO search process and to assess potential candidates and determine finalists for consideration. The Board has retained AIMS International, a leading executive search firm, to assist in the process.

Concurrently, and as previously planned, Jonathan Cool will end his role as Acting President and Chief Operating Officer, which he had assumed on a part-time and interim basis in May 2010. He will remain a member of the Board of Directors, where he will continue to provide the company with leadership and guidance as the Chairman of the Strategy Committee and be available to assist senior management as needed during the search and thereafter.