Rony Abovitz is Stepping Down as CEO of Magic Leap

Magic Leap’s CEO Rony Abovitz help found the mixed reality (MR) startup back in 2011, steering the company through massive funding rounds in a bid to make the technology the next big thing. That’s going to come to an end as he has issued a statement confirming his departure from the role.

Magic Leap launched its first product, the Magic Leap One, back in 2018, having managed to raise over $2.6 billion USD from investors over the years. But it failed to achieve the success it expected, reportedly only selling 6,000 units of its $2,300 device in the first six months.

So as the company looks to a more enterprise-focused future, Abovitz is taking a step back, revealing that Magic Leap has already begun looking for his replacement.

The full statement from Abovitz on the Magic Leap blog reads:

“As we’ve shared over the last several weeks, in order to set Magic Leap on a course for success, we have pivoted to focus on delivering a spatial computing platform for enterprise.

“We have closed significant new funding and have very positive momentum towards closing key strategic enterprise partnerships.

“As the Board and I planned the changes we made and what Magic Leap needs for this next focused phase, it became clear to us that a change in my role was a natural next step. I discussed this with the Board and we have agreed that now is the time to bring in a new CEO who can help us to commercialize our focused plan for spatial computing in enterprise. We have been actively recruiting candidates for this role and I look forward to sharing more soon.

“I have been leading Magic Leap since 2011 (starting in my garage). We have created a new field. A new medium. And together we have defined the future of computing. I am amazed at everything we have built and look forward to everything Magic Leap will create in the decades to come.

“I will remain our CEO through the transition and am in discussions with the Board with regards to how I will continue to provide strategy and vision from a Board level. I remain super excited about Magic Leap’s future and believe deeply in our team and all of their incredible talent and capabilities.”

The company recently managed to raise $350 million, stemming the tide of job losses which have been taking place this year.

Whether Magic Leap’s fortunes improve because of the funding remains to be seen. As development’s continue VRFocus will let you know.

Source: Read Full Article