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Billionaire founder of Luminar replaced as CEO following ethics inquiry | TechCrunch

May 20, 2025 - techcrunch.com
Austin Russell, the founder of Luminar, has stepped down as CEO and president following a board-led inquiry into the company's code of business conduct and ethics. The board appointed Paul Ricci, former chairman and CEO of Nuance, as the new CEO. Russell will remain on the board to assist with the transition. The board did not disclose details of the ethics inquiry but stated it does not affect the company's financial results. The leadership change was not mentioned in Luminar's first-quarter earnings report, which included an optimistic statement from Russell about the company's future strategy.

Additionally, board member Jun Hong Heng resigned a day after the leadership change, with a regulatory filing indicating his departure was not due to disagreements with the company. The board expressed confidence in Ricci's leadership, highlighting his technical insight and operational excellence. Luminar, founded by Russell in 2012, gained prominence in the autonomous vehicle industry in 2017 and went public through a SPAC merger in 2021. The article was updated to include Heng's resignation.

Key takeaways:

  • Austin Russell has resigned as CEO and chairperson of Luminar following a code of business conduct and ethics inquiry.
  • Paul Ricci, former chairman and CEO of Nuance, has been appointed as the new CEO of Luminar.
  • The company's earnings report did not mention the leadership change, and Russell's statement in the report was optimistic about Luminar's future strategy.
  • Board member Jun Hong Heng also resigned, with his departure not related to any disagreements with the company's operations, policies, or practices.
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