Austin Russell, who became a billionaire after his lidar startup Luminar went public, appears to be out as CEO, according to the company’s board.

Luminar’s board announced Wednesday — the same day of its first-quarter earnings report — it had replaced Russell and appointed Paul Ricci to the role. Ricci is the former chairman and CEO of Nuance.

The press release states that Russell resigned as president and CEO and as the chairperson of the board, effective immediately. The board said in the press release the resignation followed a code of business conduct and ethics inquiry for the audit committee of Luminar’s board. Russell will remain on the board and be “available to the incoming Chief Executive Officer on transition and technology matters,” according to the release.

A day after the leadership change was announced, board member Jun Hong Heng als resigned, according to a regulatory filing, which stated his decision was not due to any disagreements with the company on any matter relating to the company’s operations, policies or practices.

It’s not clear if Russell was forced out or if he resigned willingly. Russell could not be reached for comment. Heng could not be reached for comment. The board did not provide further details of this ethics inquiry except that it “does not impact any of the company’s financial results.”

In a further twist, the company’s earnings report and slide presentation makes no mention of the change of leadership. The first-quarter press release even includes an upbeat statement from Russell that outlines the company’s strategy to drive down cost with its new Halo product.

“In a world of macro uncertainty and adversity, we’re firing on all cylinders to ramp up production, ramp down costs, and capitalize on the future, as evidenced by our announcements today,” Russell said in the statement. “This kicks off our new operating plan for Luminar with a unified product platform, enabling radical focus and streamlining of the business, as well as unlocking value throughout our organization.”

Meanwhile, the press release from the board tells another story.

“We are excited to announce Paul as our next CEO,” board member Matt Simoncini said in a statement. “His track record speaks for itself. He is a visionary leader with a rare combination of technical insight and operational excellence. His commitment to innovation, his ability to scale organizations, and his instinct for anticipating where technology is heading make him the ideal person to lead us into our next chapter of growth. The Board has full confidence in his leadership, and we are excited about what lies ahead.”

Simonici, who retired as CEO of Lear in 2018, is chair of the board’s audit committee, which also includes Jun Hong Heng, who is the founder and chief investment officer of technology investment firm Crescent Cove Advisers, Evergreen Capital Partners founder Dominick Schiano, and Daniel Tempesta, who served as executive VP and CFO at Nuance.

Luminar burst onto the autonomous vehicle scene in April 2017 after operating for years in secrecy. Russell, who was just 22 years old at the time, was thrust into the spotlight and became a Silicon Valley success story. Luminar was founded by Russell in 2012, but it would be years before his company would be known by the public. He worked on the Luminar technology as a Thiel fellow, which gives young people $100,000 over two years to drop out of college and pursue their ideas.

In 2021, Luminar merged with special purpose acquisition company Gores Metropoulos Inc., with a post-deal market valuation of $3.4 billion. Luminar raised $250 million prior to the SPAC announcement.

This article originally published May 14. It has been updated to include information about a board member resigning.