Magic Leap CEO Rony Abovitz is stepping down as the company pivots

Shawn Knight

Posts: 13,619   +139
Staff member

Abovitz said in a message on the company’s website that after securing “significant” new funding and pivoting to focus on delivering a spatial computing platform for enterprise clients, both he and the board agreed that a change in his role was a natural next step.

As such, Magic Leap has been actively recruiting CEO candidates although the firm seemingly hasn’t found its new chief just yet. Abovitz said they would share more details on the matter in the near future. In the interim, Abovitz will stick around as chief executive through the transition and is holding discussions with the board with regards to how he can continue to assist the company at the board level.

The firm spent years developing its augmented reality tech and conjuring funding from investors before finally revealing its debut product in late 2017. Unfortunately for the company, initial hardware didn’t quite live up to reviewers’ expectations and was prohibitively expensive.

After disappointing sales and rumors that a successor could be years away, it seemed that the train was heading off the rails completely before the effort was saved with the latest round of funding. Abovitz reportedly managed to secure $350 million in additional funding, allowing the firm to pause its layoff plans.

Masthead credit: Wired

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Cycloid Torus

Posts: 4,842   +1,662
"This was just a get rich quick scam"

Gee, I thought it was a get poor fast scam..... all that money.... Bummer.
 

smartroad

Posts: 27   +22
Is this the same company that made that hand sensing little bar that was supposed to change the way you interact with everything? Or was that a different Leap?