Billionaire founder of Luminar replaced as CEO following ethics inquiry

According to the company’s board, Austin Russell, who became a billionaire after his Leader Startup Luminar, seems to be the CEO.

Luminar’s board announced on Wednesday that the same day of its first quarter income report-replaced Russell and appointed Paul Ricky in this role. Ricky is the former chairman of Nuens and the CEO.

The Press release It is reported that Russell has resigned as the President and the CEO and the Chairperson of the Board, immediately effective. The board said the resignation in the press release followed a code of business behavior and ethics investigation for the Luminar Board Audit Committee. The Russell will be on the board and “will be available to the CEO on transitions and technology issues,” the notice states.

One day after the announcement of the change of leadership, the board member Jun Hong Hong Als has resigned, according to a controller filing, saying that his decision is not due to any disagreement with the company on the company’s activities, policies or practices.

It is not clear whether Russell was forced or whether he had voluntarily resigned. Russell could not be reached for comment. Henag could not be reached for comment. The board did not provide more details of this ethics investigation, but it “does not affect any financial outcome of the company.”

Further wrap, company earning reports and slide presentations do not mention any change in leadership. The first-fourth press release includes a passionate statement of Russell, even outlining the company’s strategy to reduce the cost with its new Hallo product.

“In a world of uncertainty and adversity in the world of adversity, we are shooting in all cylinders to reduce the cost of production, reduce costs and capitalize the future capital,” Russell said in a statement. “It shuts our new operating plan with a unified product platform for luminer, enables radical focus and business flow, as well as unlocks prices across our organization.”

Meanwhile, the board’s press release tells another story.

“We are eager to declare Paul as our next CEO,” said Matt Simonnsini, a member of the board, said. “His track record speaks for himself. He is a visionary leader in a rare combination of technical insights and operational accelerations. His promise to innovation, the skills of the organizations to scalp and the technology of the technology is to make him the ideal person to lead him to our next chapter.

The chairman of the Audit Committee of the Simoniki Board, who retired as CEO of Lier in 2018, included Jun Hong Hang, who was founder and Chief Investment Officer of Technology Coven Cov Advisors, founder Dominic Shiyan and Daniel Temo and Daniel Temte, Founder of Evergreen Capital Partners.

Lumina’s autonomous vehicle burst into the scene April 2017 After years of work in privacy. Russell, who was only 22 years old at that time, entered the spotlight and turned into a success story of Silicon Valley. Luminar founded Russell In 2002, however, his company will be known a few years before being known by the public. She has worked as a one in Luminar Technology Thiel Fellow, Which gives young people to exclude from college and follow their ideas for more than two years.

In 2021, Lumina’s special purpose acquisition agency Gors Metropolos Inc. It was integrated with, the post-Deal market evaluation is $ 3.4 billion. Luminar collected $ 250 million before the announcement of the SPAC.

This article was originally published on May 14th. This has been updated to include information about the resignation of the board member.