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

Group 1 - Luminar is undergoing another restructuring following the replacement of CEO Austin Russell due to an ethics inquiry [4][5] - The company has initiated additional layoffs starting May 15, with expected cash charges of $4 million to$5 million [3] - In 2024, Luminar cut approximately 30% of its workforce, resulting in 212 layoffs and anticipated costs of $4 million to$6 million [2][3] Group 2 - The leadership change involved the appointment of Paul Ricci as the new CEO, who previously served as chairman and CEO of Nuance [4] - Russell became a billionaire after Luminar went public in 2021, achieving a post-deal market valuation of $3.4 billion [6]