Following the passing of Joel Spira, the founder of Lutron Electronics, and a pioneer in lighting controls, the company has issued a statement indicating that ownership will remain with the Spira family. This is in accordance with founders, Joel and Ruth Spira’s wishes that the business will remain a private, family-owned company. Ruth Spira and her daughter, Susan Hakkarainen, will serve as co-chairmen and will lead the company alongside Mike Pessina, president, Lutron Electronics.
The cornerstone of Lutron’s business approach has been and will continue to be the five principles on which the company was built and by which Mr. Spira lived. They are:
1. Take care of the customer with superior goods and services. 
2. Take care of the company. 
3. Take care of the people. 
4. Innovate with high-quality products. 
5. Deliver value to the customer.