Magic Leap CEO Announces Imminent Departure

Magic Leap CEO Announces Imminent Departure

Magic Leap founder Rony Abovitz announced the imminent resignation of the company’s executive director. Earlier, the manufacturer of the once-sensational mixed reality headset Magic Leap 1 abandoned the idea of ​​creating a device for ordinary consumers and decided to concentrate on corporate clients. Due to the restructuring in April 2020, it was announced the possible dismissal of more than 1,000 employees.

Roni Abowitz will remain at his post until the board of directors finds a suitable replacement for him. It is likely that the new CEO has already been selected, but his name has not yet been announced. According to Abowitz, his resignation is the “natural next step” for Magic Leap and in the future he will participate in the affairs of the company only at the level of the board of directors.

Since its founding in 2011, Magic Leap has received a lot of investments from various holdings, including Alphabet and Alibaba Group. In mid-May, she raised $ 350 million, which helped to suspend the dismissal of employees. In the entire history of its existence, it has attracted a total of about $ 3 billion, although it has released only one device – the Magic Leap 1 headset.

Initially, the company’s business was going well – it didn’t talk much about the upcoming product and kept the intrigue. Subsequently, the headset was officially introduced, but did not become in great demand. Because of this, management decided to abandon the production of consumer devices for home use and pay more attention to corporate customers.

At the end of 2019, it became known that the cost of the Magic Leap 1 corporate headset would be an impressive $ 2,995. It is believed that augmented reality technology can accelerate the training of company employees in new skills. Among the clients of Magic Leap is Hyperloop TT, which creates a system of high-speed lines inside special pipelines.

If you notice an error, select it with the mouse and press CTRL + ENTER.

Leave a Comment