Luminar kicks off another round of layoffs amid CEO’s sudden resignation

Austin Russell, the former CEO of lidar company Luminar, has left the company amid significant restructuring and layoffs following an ethics inquiry. The latest wave of layoffs is expected to cost $4 million to $5 million in cash charges, with costs incurred this year’s second and third quarters. Earlier this month, Luminar replaced Russell as CEO and board chair with former Nuance executive Paul Ricci, but the board later stated Jun Hong Heng resigned without specifying reasons. The company has not responded to comment following these developments. Russell previously became a billionaire after Luminar went public in 2021 through a special purpose acquisition company deal.