Luminar CEO Austin Russell Resigns After Ethics Inquiry
Austin Russell, the billionaire founder of lidar company Luminar, has resigned as CEO following a code of business conduct and ethics inquiry. The announcement coincided with Luminar's Q1 2025 earnings report.
Paul Ricci, former chairman and CEO of Nuance, has been appointed as Russell's replacement. The board expressed confidence in Ricci's leadership and his ability to guide Luminar's future growth.
The board stated that the ethics inquiry does not affect Luminar's financial performance. However, details of the inquiry remain undisclosed. Russell will remain on the board and assist with the transition.
Board Member Resigns Following CEO Change
Following Russell's resignation, board member Jun Hong Heng also stepped down. A regulatory filing indicated Heng's departure was unrelated to any disagreement with the company's operations or policies.
Conflicting Messages Surround Leadership Transition
Curiously, Luminar's earnings report and presentation made no mention of the leadership change. A press release quoting Russell even highlighted the company's positive outlook and new product strategy.
"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..."
The board's press release, however, focused on Ricci's appointment and his qualifications to lead the company.
"His track record speaks for itself," said board member Matt Simoncini. "He is a visionary leader with a rare combination of technical insight and operational excellence."
Russell's Rise and Luminar's Public Debut
Russell founded Luminar in 2012 and gained prominence after the company's public debut in 2017. He became a Silicon Valley success story after receiving a Thiel Fellowship and leading Luminar through a SPAC merger in 2021, which valued the company at $3.4 billion.
Neither Russell nor Heng could be reached for comment.
