Luminar Faces More Layoffs After CEO’s Abrupt Departure

Luminar Technologies, a lidar company known for its advanced sensor technology, is undergoing another round of restructuring that includes layoffs. This development follows the recent replacement of its CEO, Austin Russell, adding to the company’s challenges.

According to a regulatory filing, the new layoffs began on May 15. Luminar anticipates these cuts will result in $4 million to $5 million in cash charges, expected to be incurred during the second and third quarters of this year. The company has not yet disclosed the number of employees affected by this latest reduction.

These layoffs are a continuation of significant workforce reductions in 2024, during which Luminar cut approximately 30% of its staff. These earlier cuts led to additional cash charges estimated between $4 million and $6 million and extended into the first quarter of 2025, impacting a total of 212 employees.

The difficulties at Luminar extend beyond workforce reductions. Earlier in May, the board of directors replaced founder Austin Russell as CEO and board chair. A press release stated that Russell’s resignation followed an ethics inquiry, though no further details were provided. Paul Ricci, former chairman and CEO of Nuance, has been appointed as his replacement.

Adding to the corporate turbulence, board member Jun Hong Heng also resigned a day after the CEO change was announced, according to a separate regulatory filing. Heng stated that his decision was not due to any disagreements with the company regarding its operations, policies, or practices.

Luminar has not yet responded to requests for comment regarding these recent events.

Austin Russell became a billionaire when Luminar went public in 2021 through a merger with Gores Metropoulos Inc., a special purpose acquisition company. The deal valued Luminar at $3.4 billion. Before the SPAC announcement, Luminar had raised $250 million.