Rony Abovitz is stepping down as Magic's Leap CEO, describing the move as 'a natural next step' – read the memo he just sent staff

Rony Abovitz

Rony Abovitz has announced he is stepping down as CEO of Magic Leap.
The announcement comes just a few weeks after the company cut half of its staff and made a pivot to enterprise.
It is not known who might replace Abovitz, who said he will remain as CEO through the transition and "provide strategy and vision from a Board level" once replaced.
Are you a current or former Magic Leap employee? Contact this reporter using encrypted messaging app Signal (+1 628-228-1836) or email (hlangley@businessinsider.com).
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Rony Abovitz is stepping down as CEO of Magic Leap, as per an email seen by Business Insider.

Just weeks after the company laid off around half of its staff and announced it was shifting its focus to enterprise, the Magic Leap chief has announced he won't be leading the company through its next phase.

In a memo to staff, Abovitz described the move as "a natural next step" for Magic Leap, however it is not known who Abovitz's replacement will be, or if they have even been selected. A spokesperson did not comment on who the replacement might be when asked by Business Insider.

Further, Abovitz said he will remain as CEO during the transition, and will "provide strategy and vision from a Board level" after he is replaced.

Business Insider recently reported that Magic Leap had secured an additional $350 million in funding.

Here's the full message Abovitz shared with employees:

"Dear Magic Leapers,

As we've shared over the last several weeks, in order to set Magic Leap on a course for success, we have pivoted to focus on delivering a spatial computing platform for enterprise.

We have closed significant new funding and have very positive momentum towards closing key strategic enterprise partnerships.

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. We have been actively recruiting candidates for this role and I look forward to sharing more soon.

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.

I will remain our CEO through the transition and am in discussions with the Board with regards to how I will continue to provide strategy and vision from a Board level. I remain super excited about Magic Leap's future and believe deeply in our team and all of their incredible talent and capabilities.

All of you represent the heart and soul of Magic Leap for me. I have loved working with all of you - that has made each day worth it.

Thank you,

Rony"

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