Rony Abovitz steps down as CEO of Troubled AR Company Magic Leap

As we've shared over the past few weeks, to set Magic Leap on the path to success, we've focused on offering a spatial computing platform for the company.

We have closed significant new funds and have a very positive momentum towards the closure of important strategic commercial partnerships.

As the Board and I planned the changes we had made and what Magic Leap needed for the next focused phase, it became clear to us that a change in my role was a natural step. I discussed this with the Board and we agreed that now is the time to engage a new CEO who can help us market our targeted IT space plan within the company. We have actively recruited candidates for this role and hope to share them soon.

I've been driving Magic Leap since 2011 (starting from my garage). We have created a new field. A new medium. And together we defined the future of computing. I am amazed at what we have built and I am looking forward to everything that Magic Leap will create in the coming decades.

I will continue to be our CEO during the transition and discuss with the board how I will continue to provide board-level strategy and vision. I am very excited about the future of Magic Leap and I deeply believe in our team and in all their incredible talents and abilities.