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August 22, 2019Cart

Business

by Fairfield County Business Journal
by FCBJ

Revolution Lighting adds CFO, loses accounting firm

Stamford’s financially troubled Revolution Lighting Technologies has added a new CFO and lost its accounting firm.

Joan Nano, who has been a financial consultant for the LED lighting firm since March 27, replaces James DePalma, who resigned as chief financial officer in May. Prior to joining the company, Nano had served as managing director of Finance Solutions LLC, a New York City financial consulting firm.

“I am honored that Joan has chosen to join Revolution as our CFO,” Chairman, CEO and President Robert V. LaPenta said. “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, professional services firm RSM US LLP has informed the Revolution’s Audit Committee that it has resigned as the company’s independent registered public accounting firm, effective immediately. 

The Stamford firm has weathered a number of mishaps lately, including the discovery of apparent errors in its previously filed financial statements for 2015-17 and for the first two quarters of 2018; and LaPenta’s offer to take the company private, which he later rescinded.

Revolution has not released financial results for the fourth quarter of 2018, full-year 2018 or the first quarter of this year.