May 28, 2020 – Magic Leap CEO Rony Abovitz has announced today that he will be stepping down as CEO of the company. The news comes shortly after the company announced that it would be pivoting to focus on delivering its spatial computing platform to enterprise customers, and moving away from the consumer market.
In a statement posted on the Magic Leap website, Abovitz said: “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.”
According to Abovitz, the company has been actively recruiting candidates for the role, and more information is expected to be shared soon. Until the role has been filled, Abovitz will remain the CEO of Magic Leap throughout its transition. He is also in discussion with the company’s Board as to how he can continue to provide strategy and vision as part of the Board himself.
Abovitz added: “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.”
It was only last month that Magic Leap had to lay off several of its employees amidst increasing economic uncertainty, with the company stating that the “availability of capital” could pose a problem in the current economic climate. Even after the layoffs, rumours were circulating about whether or not the company would be able to secure enough funding to continue. However, it seems that Magic Leap has since secured around USD $350 million in funding, according to reports from Business Insider. The new CEO will now face the task of refocusing Magic Leap’s aim towards its enterprise customers.
Image credit: Magic Leap