Magic Leap CEO Rony Abovitz is stepping down

Magic Leap CEO Rony Abovitz will step down as CEO, the tech company announced late Thursday.

Abovitz has led the company, which creates virtual reality software, since 2011.

“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,” Abovitz wrote in a note posted on the company’s website.

Abovitz also confirmed reports that the company has raised “significant” new funding. This will be used to make products for commercial uses, which the company sees as its new direction. Previously, the company had devoted significant resources to personal and gaming software.

“Now is the time to bring in a new CEO who can help us to commercialize our focused plan for spatial computing in enterprise,” he said.

A company representative declined to comment. Magic Leap had previously announced it was laying off nearly half its workforce, including hundreds of employees at its Broward County headquarters.

“I remain super excited about Magic Leap’s future and believe deeply in our team and all of their incredible talent and capabilities,” Abovitz said.

Courtesy of Magic Leap Plantation-based Magic Leap released its first product, the Magic Leap One Creator’s Edition, in 2018. Magic Leap’s performance will determine South Florida’s reputation as a tech hub.