Tech and AILuminar kicks off another round of layoffs amid CEO’s...

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

-


Luminar, the lidar company founded by recently replaced CEO Austin Russell, is going through another restructuring, according to a recent regulatory filing.

This new round of layoffs, which the company did not provide figures for, follows extensive cuts to the workforce in 2024. Luminar cut about 30% of its workforce in 2024, a reduction that was expected to cost $4 million to $6 million in additional cash charges. Some of those layoffs spilled into the first quarter of 2025. A total of 212 employees were laid off.

In its latest regulatory filing, the company said it began additional layoffs May 15. These new layoffs are expected to cost $4 million to $5 million in cash charges. These costs are expected to be incurred in the second and third quarters of this year.

The layoffs are the latest complication for Luminar. Earlier this month, the company’s board replaced Russell as CEO and board chair. The board issued a press release saying he resigned as the result of an ethics inquiry without providing any additional information. Luminar’s board replaced Russell and appointed Paul Ricci to the role. Ricci is the former chairman and CEO of Nuance.

A day after the leadership change was announced, board member Jun Hong Heng also resigned, according to a regulatory filing, which stated his decision was not due to any disagreements with the company on any matter relating to the company’s operations, policies, or practices.

The company has not responded to requests for comment.

Russell became a billionaire after his lidar startup Luminar went public in 2021 after the company merged with special purpose acquisition company Gores Metropoulos Inc., with a post-deal market valuation of $3.4 billion. Luminar raised $250 million prior to the SPAC announcement.



Source link

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Latest news

Bit Digital dumps 280 Bitcoin, amasses over 100K ETH

Bit Digital has officially pivoted to...

Gold has outperformed bitcoin by nearly 40% this year

A year-to-date chart of gold versus BTC shows outperformance of the traditional safe haven asset amid geopolitical uncertainty. Source...

Coinfest Asia 2025 Unveils Crypto’s Biggest Names and Builds a Web3 Experience Like No Other

Disclaimer: This article is for informational purposes only and does not constitute financial advice. BitPinas has no commercial...

Advertisement

CZ told to ‘give up the scamming’ in X spat with Ari Paul

The spat began when Zhao challenged the WSJ claim that as part of Zhao’s plea deal, he agreed...

Must read

You might also likeRELATED
Recommended to you