Saudi Crown Prince Mohammad bin Salman with Magic Leap founder Rony Abovitz
Magic Leap CEO Rony Abovitz is stepping down from his role at the augmented reality (AR) start-up he founded in 2011.
The highly-secretive company has raised around $3 billion from investors but it has only released one product, the Magic Leap 1 headset, which fell well short of people’s expectations.
The news was first reported by Business Insider and confirmed by Abovitz in a blog post.
“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,” wrote Abovitz.
“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.”
Last month, Magic Leap said it was planning to lay off a number of employees as part of a major restructure. Bloomberg reported the figure to be around 1,000 staff, or half the overall workforce.
Magic Leap did not immediately respond to CNBC’s request for comment.