Austin Russell, who hit billionaire status after his lidar startup Luminar went public, seems to be stepping down as CEO, as per the company’s board. The board of Luminar declared on Wednesday — the same day as its first-quarter earnings report — that Russell was being replaced and Paul Ricci was taking over the role. Ricci, the former chairman and CEO of Nuance, was appointed as the new head honcho.
Russell reportedly resigned as president and CEO as well as the chair of the board right away. The board mentioned in a press release that the resignation followed an inquiry into the company’s business conduct and ethics by Luminar’s board audit committee. Russell will still be a part of the board and will be there to assist the incoming CEO with the transition and technology matters, according to the release.
The reason behind Russell’s departure is unclear, whether he was pushed out or left on his own terms. Russell was unavailable for comment, and the board did not provide more details about the ethics inquiry, only stating that it won’t impact the company’s financial results.
On a surprising note, the company’s earnings report and presentation did not mention the change in leadership. The first-quarter press release even included a positive statement from Russell about the company’s strategy with its new Halo product. In the statement, Russell said, “In a world full of uncertainty and challenges, we’re working hard to increase production, cut costs, and seize the future, as shown by our recent announcements.”
In contrast, the board’s press release painted a different picture. Board member Matt Simoncini expressed excitement about Paul stepping into the CEO role, praising his track record and leadership qualities. Simoncini mentioned how Paul’s foresight and operational skills make him the perfect fit to lead Luminar into a new phase of growth.
Luminar burst onto the autonomous vehicle scene in April 2017 after years of operating in secret. Russell, who was only 22 at the time, quickly became a Silicon Valley success story. Luminar, founded by Russell in 2012, remained unknown to the public for several years. Russell worked on Luminar technology as a Thiel fellow, receiving $100,000 over two years to pursue his ideas without college.
In 2021, Luminar merged with special purpose acquisition company Gores Metropoulos Inc., reaching a post-deal market valuation of $3.4 billion. Prior to the SPAC announcement, Luminar had raised $250 million.
Kirsten Korosec, a seasoned reporter and editor, has been covering transportation trends for over a decade. Currently serving as the transportation editor at TechCrunch and co-host of the TechCrunch Equity podcast, Kirsten also co-founded “The Autonocast” podcast. Her work has been featured in Fortune, The Verge, Bloomberg, MIT Technology Review, and CBS Interactive.
