Magic Leap CEO Resigns and Will Continue to Provide Strategic Support

Rony Abovitz, co-founder and chief executive of augmented reality firm Magic Leap, is stepping down, according tomedia reports. Mr. Abovitz’s departure plans have yet to set a date, marking the end of his tenure at Magic Leap.

Magic Leap CEO Resigns and Will Continue to Provide Strategic Support

Magic Leap, a once-popular augmented reality start-up, gained early attention for its highly secretive technology and high wind betting.

Over the past decade, Magic Leap has raised about $3 billion. However, it has released a product, the Magic Leap 1 headset. Earlier this month, Magic Leap received $350 million in financing. But in April, Magic Leap laid off about 1,000 employees and abandoned its personal consumer business in favor of selling equipment to companies.

Media reported that Mr. Abowitz would stay at the company for the time being until Magic Leap announced his next successor. It is unclear whether the Magic Leap board has identified a candidate. On Thursday,media obtained a memo sent to employees by Mr. Abowitz, which showed that Mr. Abowitz described the personnel change as a “natural next step” for Magic Leap, who would “provide a strategy and vision at the board level” after he leaves office.