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