Billionaire founder of Luminar replaced as CEO following ethics inquiry

Austin Russell, who became a billionaire aft his lidar startup Luminar went public, appears to beryllium retired arsenic CEO, according to the company’s board.

Luminar’s committee announced Wednesday — the aforesaid time of its first-quarter net study — it had replaced Russell and appointed Paul Ricci to the role. Ricci is the erstwhile Chairman and CEO of Nuance.

The press release states that Russell resigned arsenic president and CEO and arsenic the chairperson of the committee effectual immediately. The committee said successful the property merchandise that resignation followed a codification of concern behaviour and morals enquiry for the audit committee of Luminar’s board. Russell volition stay connected the Board and beryllium “available to the incoming Chief Executive Officer connected modulation and exertion matters.”

However, it’s not wide if Russell was forced retired oregon resigned willingly. Russell could not beryllium reached for comment. The committee did not supply further details of this morals enquiry but that it “does not interaction immoderate of the company’s fiscal results.”

In a further twist, the company’s net study and descent presumption makes nary notation of the alteration of leadership. The first-quarter property merchandise adjacent includes an upbeat connection from Russell.

“In a satellite of macro uncertainty and adversity, we’re firing connected each cylinders to ramp up production, ramp down costs, and capitalize connected the future, arsenic evidenced by our announcements today,” Russell said successful the statement. “This kicks disconnected our caller operating program for Luminar with a unified merchandise platform, enabling extremist absorption and streamlining of the business, arsenic good arsenic unlocking worth passim our organization.”

Meanwhile, the property merchandise from the committee tells different story.

“We are excited to denote Paul arsenic our adjacent CEO,” committee subordinate Matt Simoncini said successful a statement. “His way grounds speaks for itself. He is simply a visionary person with a uncommon operation of method penetration and operational excellence. His committedness to innovation, his quality to standard organizations, and his instinct for anticipating wherever exertion is heading marque him the perfect idiosyncratic to pb america into our adjacent section of growth. The Board has afloat assurance successful his leadership, and we are excited astir what lies ahead.”

Luminar burst onto the autonomous conveyance scene in April 2017 after operating for years successful secrecy. Russell, who was conscionable 22 years aged astatine the time, was thrust into the spotlight and became a Silicon Valley occurrence story. Luminar was founded by Russell in 2012, but it would beryllium years earlier his institution would beryllium known by the public. He worked connected the Luminar exertion arsenic a Thiel fellow, which gives young radical $100,000 implicit 2 years to driblet retired of assemblage and prosecute their ideas.

In 2021, Luminar merged with peculiar intent acquisition institution Gores Metropoulos Inc., with a post-deal marketplace valuation of $3.4 billion. Luminar raised $250 cardinal anterior to the SPAC announcement.