Magic Leap CEO Rony Abovitz resigns, barely a week after the company received a $ 350 million investment – the latter was particularly surprising, as the AR solutions development hay hasn't done very well lately, and its downturn has been massive layoffs.
The lifebelt came quite unexpectedly, and it was not even known exactly which investors and what motivations might be behind it, as Magic Leap had failed to put down a product of the quality it had promised in recent years, despite previously collected gigantic investments. on the table, the first experiences with Magic Leap One glasses were downright depressing. It is possible that the company was able to convince investors of its viability with its new target group, as with the next generations of the headset it will completely let go of consumer ambitions and focus specifically on corporate customers.
as Abovitz announced, negotiations with the company have already begun with the new CEO candidates, and if a suitable successor is found, he will hand over the position to him – accordingly, there is no specific date for the manager's departure yet.
The decision is not surprising in this respect. that Abovitz led the company with a strong focus on the consumer segment – for which it has been extremely successful in raising substantial sums from its investors since its founding in 2011, with a total of about $ 2.3 billion until the launch of Magic Leap One in 2018. The corporate segment, on the other hand, is already being targeted by new management, presumably with a CEO with extensive corporate experience at the helm.
Gellert is Technology Editor at Counting News Media and contributor at other major tech publications. Her interests includes testing new gadgets and reading.