Luminar Technologies, a lidar company, is undergoing a restructuring, which includes additional layoffs starting May 15, 2025. This follows a previous workforce reduction of about 30% in 2024, resulting in around 212 employees losing their jobs. The layoffs are estimated to cost between $4 million and $6 million in cash charges. The turmoil follows the abrupt replacement of CEO Austin Russell due to an ethics inquiry. Paul Ricci has taken over as CEO, while board member Jun Hong Heng also resigned shortly after the leadership change. Luminar's previous valuation was $3.4 billion post-SPAC merger.
Luminar, undergoing a significant restructuring and workforce reduction, has started additional layoffs as part of ongoing operational challenges following a leadership change.
The layoffs, commencing on May 15, are expected to incur additional cash charges of $4 million to $5 million during the second and third quarters.
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