Recently a CEO Austin Russell is undergoing another reorganization in place of Lidar Company Lidar Company Lidar Company, according to a recent regulatory filing.
This new round of pruning, for which the company did not provide data for a widespread cut in the workforce in 2024. In 2024, Luminar cut its workforce about 30%, an additional cash fee expected to cost $ 4 million to $ 6 million. Some of those trimming spread over the first quarter of 2025. A total of 212 employees were closed.
In its latest regulatory filing, the company said it began an additional pruning on 15 May. The cash fee is expected to cost $ $ 4 million to $ 5 million from these new trimming. These costs are expected to be in the second and third quarters of this year.
Sorting is the latest complication for luminar. Earlier this month, the company’s board converted Russell into a CEO and board chair. The board issued a press release, saying that he resigned as a result of a moral investigation without providing any additional information. The board of Luminar replaced Russell and appointed Paul Rikki in the role. Ricci is the former president and CEO of Nuance.
A day after the announcement of leadership change, the board member June Hong Heng also resigned, according to a regulatory filing, stating that his decision was not due to any disagreement with the company on any matter related to the company’s operations, policies or practices.
The company has not responded to the remarks requests.
Russell became a billionaire after his luminarial startup luminar became public in 2021, when the company merged with a special objective acquisition company Gorus Metropolos Inc., merged with a post-dil market valuation of $ 3.4 billion. Luminar raised $ 250 million before the SPAC announcement.
