Paul Ricci Named New CEO of Luminar as Russell Steps Down
- Austin Russell resigned as Luminar CEO and chairperson following an ethics inquiry, but remains on the board.
- Paul Ricci, former Nuance CEO, will take over leadership, effective around May 21.
- The board states that the inquiry does not affect Luminar’s financial results.
Luminar Technologies, the lidar and automotive tech company founded by Austin Russell, has announced a major leadership shakeup.
Russell, who took Luminar public and became a billionaire in the process, resigned as CEO and chairperson effective immediately after an internal code of business conduct and ethics inquiry by the board’s audit committee.
The specifics of the inquiry remain undisclosed, but the board emphasised that it does not impact the company’s financial results.
Paul Ricci, former chairman and CEO of Nuance, has been appointed as Luminar’s new CEO, effective May 21.
“I step into this role with deep respect for the work that has come before me and energised by the opportunity," said Ricci.
“I have always believed in the potential of Luminar to drive meaningful change, solve real problems, and improve and save lives. I believe in the potential that lies ahead and am inspired by the company’s mission.”
Ricci brings decades of experience in scaling technology companies and is expected to guide Luminar through its next phase of growth.
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Russell will remain on the board and assist Ricci during the transition, particularly on technology matters.
The leadership change comes on the same day as Luminar’s first-quarter earnings report, which made no mention of the transition. Russell, who started Luminar in 2012 as a Thiel Fellow, led the company to a $3.4 billion market valuation after its 2021 SPAC merger.
Luminar’s board expressed full confidence in Ricci’s leadership, citing his technical insight and operational excellence as key to the company’s future.
Edited by Annette George
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