Austin Russell, who became a billionaire after his startup Lidar Luminar became public, seems to be out like CEO, according to the company’s board.
The Board of Luminar on Wednesday announced on the same day of its first quarter profit report: it had replaced Russell and appointed Paul Ricci for the role. Ricci is the former president and CEO of Nuance.
The press release establishes that Russell resigned as president and CEO and as president of the Board, starting immediately. The Board said in the press release that the resignation followed a code of commercial conduct and ethics consultation for the audit committee of the Luminar Board. Russell Willain at the Board and will be “available for the incoming executive director on transition and technology matters,” according to the statement.
However, it is not clear if Russell was forced or if he renounced voluntarily. Russell could not be contacted to comment. The Board did not provide more details of this ethics consultation, except that “it does not affect any of the company’s financial results.”
In another turn, the company’s profit report and the submission of slides do not mention the change of leadership. The first quarter press release even includes an optimistic statement from Russell that describes the company’s strategy to reduce the cost with its new halo product.
“In a world of macro uncertainty and adversity, we are shooting all disaster cylinders, disaster costs and capitalize the future, as our ads demonstrate today,” Russell said in the statement. “This begins our new operational plan to lumine with a unified product platform, which allows the radical approach and the rationalization of the business, as well as the organization of value of value of value.”
Meanwhile, the press release of the board tells another story.
“We are excited to announce Paul as our next CEO,” said Board Member Matt Simoncini in a statement. “His history speaks for himself. He is a visionary leader with a strange combination of technical vision and operational excellence. His commitment to innovation, his ability to climb organizations and his instinct for the growth of clown. The Board has full confidence, and we are excited about what awaits it.”
Simonici, who withdraw ace ceo of lear in 2018, is chair of the board’s audit committee, which Also includes jun hong heng, who is the Founder and Chief Investment Officer of Technology Investment Firm Crescent Cove Advisers, Evergreen Capital Tempesta, Who, Who, Who, Who, Who, Who, WHO, WHO, WHO, WHO, WHO, WHO WHO, WHO ,, WHO, WHO, WHO, WHO, WHO, WHO, WHO, WHO, WHO, WHO, WHO, WHO, WHO, WHO, WHO, WHO, WHO, WHO, WHO, WHO, WHO ,,, and DAN -IN -PEGGERENECKAECKAECKE. VP and CFO in Nuance.
Luminar broke into the scene of autonomous vehicles in April 2017 after operating for years secret. Russell, who was only 22 years old at that time, was pushed to the center of attention and became a success story of Silicon Valley. Luminar was founded by Russell in 2012, but would spend years before his company was known by the public. He worked in luminaire technology as a member of Thiel, which gives young people $ 100,000 approximately two years to leave the university and pursue their ideas.
In 2021, Luminar merged with the company for the acquisition of special purpose Gores Metopoulos Inc., with a market assessment after the market of $ 3.4 billion. Luminar raised $ 250 million before the SPAC announcement.
