Luminar Technologies Inc. has announced that Austin Russell, its billionaire founder, is no longer the company’s chief executive officer following an ethics inquiry by the audit committee.
Key Details
- Resignation: Russell resigned as president, CEO, and chairperson of the board effective immediately. He will remain on the board to assist with technology matters during his transition.
- Ongoing Inquiry: The audit committee has been conducting a code of business conduct and ethics inquiry since March 1. This inquiry is ongoing but has not impacted Luminar’s financial results, as stated in a filing with securities regulators.
- New Leadership: Paul Ricci, former chairman and CEO of Nuance Communications Inc., has been appointed as Russell’s replacement. His appointment occurred without any public mention of leadership changes in Luminar’s earnings report or accompanying slide presentation, which focused solely on first-quarter earnings.
Additional Resignation
In related news, Jun Hong Heng also resigned from Luminar’s Board of Directors yesterday. In his notice letter, he expressed disagreement with other directors regarding the accounting principles or practices used by management.
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