Billionaire founder of Luminar replaced as CEO following ethics inquiry

Austin Russell, the billionaire CEO of lidar startup Luminar, resigned as president and CEO after an ethics inquiry, with Paul Ricci appointed as his replacement. Board member Jun Hong Heng also resigned following the leadership change. Despite these developments, Luminar continues to focus on its Halo product, with Austin sharing positive updates on cost reductions and growth strategies, ensuring the company remains on track for success despite internal changes.