According to the company’s board of directors, Austin Russell, who became a billionaire after Lidar Startup Luminar was released, appears to be CEO.
Luminar’s board of directors announced on Wednesday that he replaced Russell and appointed Paul Ricci as its role on the same day in the first quarter of the import report. RICCI is the former president and CEO of Nuance.
The press release immediately announced that Russell resigned as president and CEO and chairman of the board of directors. The board of directors said in a press release that resignation followed the business behavior and ethical lectures on the audit committee of the Rumina Board of Directors. Russell remains in the board of directors and said, “It can be used by the chief executive who comes to conversion and technical issues.”
But it’s not clear whether Russell is forced or willing to resign. Russell could not contact for opinions. The board of directors said, “We did not provide more information about this ethical inquiry, except that it did not affect the company’s financial outcomes.
In addition, the company’s import report and slide presentation do not mention the change in leadership. The 1/4 press release includes Russell’s optimistic statements and briefly describes the company’s strategy to lower costs with new halo products.
In a statement, Russell said, “In the world of macroscopic uncertainty and adversity, we fires all cylinders and increases production, uses the future, and uses the future as proven today.” “This will start a new operating plan of Luminar through the integrated product platform, enabling the radical focus and simplification of the business and unlocking the value of the entire organization.”
Meanwhile, the press release of the board tells another story.
Matt Simoncini’s board member said in a statement, “We are pleased to announce Paul as the next CEO.” His performance is said in itself. He is a vision leader with a rare combination of technical insights and excellence. His dedication to innovation, his ability to expand his organization, and his instinct to be a place for technology becomes an ideal person who can lead us to the next growth venue. The board of directors is entirely confident in his leadership, and we are excited about the future. ”
Simonici, who retired as a CEO of Lear in 2018, is the chairman of the board of directors and the founder and chief investor of Crescen Cove Advisers, the chairman of the Board of Directors, JUN HONG HENG, EVEREEN CAPITALERS Founder Dominick Schiano and Daniel Tempesta worked on Nuance as Execution VP and CFO.
Luminar was operated for many years in April 2017 and then broke out in autonomous vehicles. Russell, who was only 22 years old at the time, fell into a spotlight and became a successful case of Silicon Valley. Luminar was founded by Russell in 2012, but it will take several years for his company to be known by the public. He works as Thiel Fellow in Luminar technology, offering $ 100,000 to drop out of college and pursue their ideas for two years.
In 2021, Rumina received a $ 3.4 billion market evaluation by merger with a special purpose -acquisition company, Gores Metropoulos Inc.. Luminar raised $ 250 million before the SPAC announcement.