Luminar CEO Austin Russell Resigns After Ethics Inquiry
Austin Russell, the billionaire founder of lidar startup Luminar, has resigned as CEO following an ethics investigation. The company's board announced the leadership change on Wednesday, coinciding with its Q1 earnings report. Paul Ricci, former chairman and CEO of Nuance, has been appointed as Russell's successor.
According to the official press release, Russell resigned from his positions as CEO, president, and chairperson, effective immediately. The board stated that the resignation followed a code of business conduct and ethics inquiry conducted by the audit committee. While Russell will remain on the board and assist with the transition, the specifics of the ethics inquiry remain undisclosed. The board emphasized that the investigation does not affect Luminar's financial performance.
Interestingly, Luminar's Q1 earnings report and presentation made no mention of the leadership change. A statement from Russell included in the earnings release even expressed optimism about the company's future.
“In a world of macro uncertainty and adversity, we’re firing on all cylinders to ramp up production, ramp down costs, and capitalize on the future," Russell stated. "This kicks off our new operating plan for Luminar with a unified product platform.”
Board member Matt Simoncini expressed confidence in the new CEO, Paul Ricci.
"We are excited to announce Paul as our next CEO," Simoncini said. "His track record speaks for itself. He is a visionary leader with a rare combination of technical insight and operational excellence."
From Stealth Mode to Public Offering
Luminar emerged from stealth mode in 2017, with the then 22-year-old Russell becoming a prominent figure in Silicon Valley. Founded in 2012, Russell developed Luminar's lidar technology as a Thiel Fellow. The company went public in 2021 through a merger with Gores Metropoulos Inc., achieving a $3.4 billion valuation after raising $250 million pre-SPAC.
