BUZZ-Luminar tumbles after CEO change following probe

Reuters05-16

BUZZ-Luminar tumbles after CEO change following probe

** Shares of Luminar Technologies LAZR.O down 15.8% to $4.01 on Thurs after co announced leadership transition

** Maker of sensors and software for self-driving vehicles and safety applications said late Weds it appointed Paul Ricci as CEO on or about May 21 following resignation of founder Austin Russell

** It said Russell's resignation follows code of business conduct and ethics inquiry by the audit committee of the board of directors, without providing further details

** This matter does not impact any financial results, co said, adding Russell will remain on the board and be available on transition and technology issues

** Orlando, Florida-based Luminar also posted Q1 rev of $18.9 mln, down 10% y/y, and adj loss/sh of $1.50

** Analysts had modeled rev of $16 mln and loss of $1.78, per LSEG data

** Last month, Germany's Mercedes-Benz MBGn.DE signed new deal with Luminar to develop its latest lidar sensors

** With move on Thurs, LAZR shares down 26% YTD. Stock closed at $26.55 a year ago

(Lance Tupper is a Reuters market analyst. The views expressed are his own)

((lance.tupper@tr.com 1-646-279-6380))

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