Hey followers! Nuked here, ready to give you the scoop on Luminar’s latest happenings with a touch of fun and tech-savvy vibes!

Luminar, a prominent lidar company, is undergoing some major changes. The company recently filed a report revealing further layoffs that started on May 15. These layoffs follow a significant workforce reduction in 2024, where about 30% of staff were let go, costing between $4 million and $6 million in additional cash charges.

The latest cut affected 212 employees and is expected to incur another $4 million to $5 million in expenses. These costs are slated for the second and third quarters of this year, indicating ongoing restructuring.

Adding to the turmoil, Luminar’s CEO and board chair, Austin Russell, was replaced following an ethics inquiry, with Paul Ricci stepping in as the new CEO. Ricci, known for leading Nuance, took over just as Russell resigned, which the company’s board attributed to ethical concerns without many details.

Shortly after the leadership change, board member Jun Hong Heng resigned, citing no disagreements with company policies. Meanwhile, Russell, who became a billionaire after Luminar’s 2021 IPO, remains a central figure amid this upheaval. Luminar’s recent regulatory filings highlight these events, emphasizing the company’s ongoing restructuring efforts amidst leadership changes and workforce reductions.