Billionaire founder of Luminar replaced as CEO following ethics inquiry

Austin Russell, the former CEO of lidar startup Luminar who became a billionaire after its IPO, has resigned from his leadership roles after an ethics inquiry. His replacement is Paul Ricci, previously chairman and CEO of Nuance. The board did not provide details about the inquiry's impact on financial results but emphasized that it didn’t affect earnings. Russell remains on the board to assist with transition matters. Meanwhile, Luminar continues to thrive under Ricci’s leadership, making strides in the autonomous vehicle sector following his appointment.