Luminar Announces New Layoffs Following CEO Resignation
Lidar company Luminar has announced a new round of layoffs just weeks after the resignation of founder and CEO Austin Russell.
This restructuring follows significant job cuts in 2024, which impacted approximately 30% of the workforce and resulted in $4 million to $6 million in charges. 212 employees were laid off in total, with some layoffs extending into the first quarter of 2025.
The latest layoffs, beginning May 15, are projected to incur an additional $4 million to $5 million in charges during the second and third quarters of 2025, according to a recent regulatory filing.
Russell's Resignation and Board Changes
Earlier in May, Luminar's board replaced Russell as CEO and board chair following an ethics inquiry. A press release stated Russell's resignation resulted from the inquiry, but provided no further details. Paul Ricci, former chairman and CEO of Nuance, has been appointed as the new CEO.
Board member Jun Hong Heng also resigned shortly after Russell, according to a separate regulatory filing. The filing stated Heng's resignation was not due to any disagreements with the company's operations, policies, or practices.
Luminar has not yet commented on the layoffs or the recent leadership changes.
Russell became a billionaire after Luminar went public in 2021 through a merger with Gores Metropoulos Inc., a special purpose acquisition company (SPAC). The post-deal valuation reached $3.4 billion. Prior to the SPAC merger, Luminar raised $250 million.
