Sunovia terminates its CEO

SARASOTA -- Sunovia Energy Technologies Inc. (symbol: SUNV) has removed Arthur Buckland from his position as the company's CEO.

Buckland will be replaced by Erich Hofer, a member of Sunovia's board of directors, as interim chief executive.

Sunovia hired Buckland to lead the Sarasota-based firm, which specializes in solar and LED lighting technology, at the end of August 2010. A veteran of the startup circuit with more than $175 million in capital raises to his name, Buckland replaced Carl Smith, one of the company's founders.

At the time of Buckland's hire, Smith had said he would remain with the company as chairman of its board. But on Feb. 1, Smith resigned from that position, leaving just Buckland, Hofer, and newcomer Thomas Siegfried on Sunovia's board of directors.

Then in August, Sunovia let go its chief technology opfficer, Bob Fugerer, declining the opportunity to renew his contract.

Through the first nine months of 2011, Sunovia posted more than $3 million in net losses, as operating expenses (roughly $5 million) outweighed revenues (slightly less than $2 million).

Between July 31, 2007, and the same day in 2010, the company recorded nearly $70 million in net losses.