Magic Leap CEO Rony Abovitz to step down

Rony Abovitz, the co-founder and CEO of lavishly funded augmented actuality firm Magic Leap, will step down from his place, reports Business Insider. Abovitz’s deliberate departure, which doesn’t but have a concrete date, marks an unceremonious finish to his tenure on the helm of Magic Leap, a once-buzzy startup that earned a excessive profile for a way secretive it was early on about its know-how and the eye-popping quantities of enterprise capital it raised.

Magic Leap has to this point raised about $three billion {dollars} over the past decade, although it has solely launched one product, the Magic Leap 1 headset. The firm raised $350 million of that funding just earlier this month, after laying off about 1,000 employees again in April and ditching its client enterprise to deal with selling enterprise-grade devices to companies.

Abovitz will keep on on the firm in the interim, BI studies. He’ll stay CEO for now till a substitute is publicly named and takes on the position; it’s not clear if Magic Leap’s board has selected somebody already and has merely determined not to announce it but. Abovitz describes the change as “a natural next step” for Magic Leap, and after he’s now not in cost he’ll “provide strategy and vision from a Board level,” in accordance to an organization memo Abovitz despatched to workers on Thursday and obtained by BI.

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