Luminar Technologies Poaches Tesla, Intel Executives
Luminar Technologies (NASDAQ: LAZR) is attracting some notice from the market, after the company announced it has hired a pair of executives from two very high-profile peers: electric vehicle (EV) king Tesla Motors (NASDAQ: TSLA) and computer chip mainstay Intel (NASDAQ: INTC).
The Tesla luminary now employed at Luminar is Alan Prescott, who most recently served as general counsel at the EV maker. He is to be Luminar's chief legal officer. Previous to his four-year tenure at Tesla, Prescott was senior counsel at rideshare giant Uber Technologies' Advanced Technology Group. He began his career in the auto world as well, as a safety engineer at Ford.
Image source: Getty Images.
The Intel hire is Trey Campbell; he will be Luminar's vice president for investor relations, a role he occupied at Intel, too. Campbell was at Intel for 20 years, according to his new employer, and held a variety of roles for that company.
Luminar is a specialist in lidar (for light detection and ranging). The technology is considered essential to the current and next generations of assisted driving systems. It sends rapid laser pulses to measure the environment around it, providing a detailed "vision," thus allowing for certain assisted functionalities.
The company has benefited from the recent investor swarm into nearly anything associated with EVs or assisted/autonomous driving. It seems that lidar has a big runway in front of it as a technology, and publicly traded lidar specialists are hard to come by.
The two new hires are both heavyweights in their respective fields; hopefully for those optimistic investors, the pair will help Luminar become a -- or even the -- dominant lidar company on the scene.
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Eric Volkman has no position in any of the stocks mentioned. The Motley Fool owns shares of and recommends Tesla. The Motley Fool recommends Intel and Uber Technologies and recommends the following options: long January 2023 $57.5 calls on Intel and short January 2023 $57.5 puts on Intel. The Motley Fool has a disclosure policy.
