The founder of the billionaire in Luminar was replaced as an executive head after the moral investigation

Austin Russell, who has become a billionaire after the start of Lidar Luminar, has publicly seems to be the CEO, according to the company’s board of directors.

Luminar Board of Directors announced on Wednesday-on the same day of the profit report in the first quarter-the replacement of Russell and Ain Paul Richie for this role. Richie is the former president and CEO of Nuance.

the press release It states that Russell resigned as a chairman, executive and chairman, and he is immediately effective. The council said in the press statement, the resignation followed the code of work rules and inquiries about the ethics of the Luminar Board Auditing Committee. Russell will remain in the board of directors and will be “available to the executive director in the issues of transition and technology,” according to the statement.

A day after the announcement of the change of leadership, Board Member John Hing Hing Alz resigned, according to an organizational report, who stated that his decision was not due to any differences with the company on any issue related to the company’s operations, policies or practices.

It is not clear whether Russell was forced to go out or if he resigned. A relative messenger cannot be accessed. Hing to comment cannot be accessed. The Board of Directors did not provide more details about this ethics inquiry, except that it “does not affect any of the company’s financial results.”

In another development, the company’s profit report and the display of the slide did not mention any change in driving. The press statement includes in the first quarter until an optimistic statement from Russell specifying the company’s strategy to reduce the cost with the new Halo product.

“In a world of total uncertainty and adversity, we shoot all cylinders to increase production, lack of costs, and benefit from the future, as it is clear from our ads today,” Russell said in the statement. “This starts our new Luminar’s new operating plan through a unified product platform, allowing radical focus and simplification of business, as well as opening value throughout our organization.”

Meanwhile, the press statement from the council tells another story.

“We are excited to announce Paul as an upcoming CEO,” said Matt Simonsini, a member of the board of directors. “His busy record speaks for himself. He is a visionary leader with a rare set of technical insight and operational excellence. His commitment to innovation, his ability to expand organizations, and his instinct to anticipate the place where technology is heading, makes him the ideal person leads us to our next semester of growth.

Simonici, who has retired from the CEO of LEAR in 2018, is the Chairman of the Board Audit Committee, who also includes John Hong Hing, a founder and chief investment in technology Creating Cove Advisers, and founder of Evergreen Capital Partners Dominic Xiano, Daniel Timbsta, who has served as VP And CFO in Nuance.

Luminar exploded on the scene of an independent car In April 2017 After working for years in secrecy. Russell, who was only 22 years old at the time, was pushing the spotlight and became the Silicon Valley success story. Luminar was established by Correspondent In 2012, it will take years before the public knew his company. He was working on luminar technology as a file Thyl colleague, Which gives young people $ 100,000 over two years to leak the college and follow their ideas.

In 2021, Luminar merged with Gores Metropoulos Inc. By evaluating the post -round market amounted to $ 3.4 billion. Luminar collected $ 250 million before the Spac announcement.

This article was originally published on May 14. It was updated to include information about the resignation of a member of the Board of Directors.