21-05-2025
Luminar announces new layoffs after sudden CEO exit: Here's what the company said
Luminar Tecnologies, a lidar company has started another round of layoffs after the abrupt resignation of its CEO and founder, Austin Russell. In a regulatory filing the company stated that this restructuring comes amid ongoing financial challenges and company's effort to streamline operations.
What Luminar said about layoffs
Luminar confirmed in a regulatory filing that it began additional workforce reductions on May 15, though the exact number of affected employees was not disclosed. The company expects the layoffs to result in $4 million to $5 million in cash charges, which will be incurred over the second and third quarters of 2025.
This follows extensive job cuts in 2024, when Luminar eliminated 30% of its workforce, impacting 212 employees. The previous layoffs were estimated to cost between $4 million and $6 million in additional expenses.
'On May 15, 2025,
Luminar Technologies
, Inc. (the 'Company') began executing additional restructuring efforts ('2025 Restructuring Plan'), including a reduction in its workforce. The actions associated with the
2025 Restructuring Plan
commenced immediately and are expected to be substantially complete by the end of 2025. The Company estimates that it will incur approximately $4.0 million to $5.0 million in cash charges in connection with the 2025 Restructuring Plan, associated with employee severance and related employee costs, as well as additional non-cash charges related to acceleration of certain previously granted stock-based awards as part of severance packages for employees impacted under the 2025 Restructuring Plan,' said the company in a regulatory filling.
Lumiar CEO Austin Russell resigned recently
The layoffs come just days after Austin Russell stepped down as CEO and Chairperson of the Board, following an ethics inquiry by Luminar's Audit Committee. While the company did not disclose details of the investigation, it stated that Russell's departure does not impact financial results. Luminar's board has appointed Paul Ricci, former CEO of Nuance, as Russell's replacement.
In addition to Russell's exit, board member Jun Hong Heng also resigned, though Luminar clarified that his departure was not due to disagreements over company policies or operations.
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