Austin Russell Steps Down

Well that was a surprise to me, but Austin Russell has now stepped down as CEO and Chairman of the Board for Luminar Technologies. This comes amidst a code of business conduct and ethics inquiry by the audit committee of Luminar’s board. Mixed reaction on the shareholders’ subreddit. I almost feel like the private equity presence in the board maybe had some hand in pulling this move to make the incoming CEO Paul Ricci look better in pursuit of stock price appreciation. To me, this is a bad sign.