Leaked memo: Magic Leap founder quits as CEO

The founder of ar company Magic Leap is stepping down as director of his company, he says in a memo that has appeared online. He will stay on until a successor is found who will lead the company in its change to a company that focuses on the business market.

Founder Rony Abovitz will continue to advise the board, according to the memo posted by Business Insider. The search for a successor has already begun, the memo said. The management wants to present that successor quickly, but until then Abovitz will remain on.

Abovitz founded Magic Leap in 2011 with the intention of building a company that would sell ar headsets to consumers. That is no longer the case; the company said earlier that it will focus on applications for the business market.

The Magic Leap One headset was released in August 2018. The nearly $2300 device is only available in the US and aimed at developers who want to create applications for augmented reality. The Magic Leap One runs on LuminOS, its own operating system.