- Magic Leap CFO Scott Henry is stepping down, Business Insider has learned.
- He will help on-board a new CFO and will act as an advisor to the company moving forward, according to an internal email obtained by Business Insider sent by Magic Leap's CEO to employees on Friday.
- "I want to let you know that Scott Henry and I have mutually decided that it is time for us to part ways," Magic Leap CEO Rony Abovitz wrote in the email. "Scott's leadership and his expertise in financial management and raising capital have been an integral part of Magic Leap's growth and success over the past five years."
- John Gaeta, creator of the bullet-time special-effects technology in "The Matrix" and Magic Leap's senior VP of creative strategy, has left the company, sources familiar with matter confirmed to Business Insider.
- Their departures come just days after Magic Leap announced a Series E funding round. The startup has reportedly raised $2.6 billion to date.
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Magic Leap CFO Scott Henry is stepping down and will help train a successor before transitioning into an advisory roll, Business Insider has learned.
"I want to let you know that Scott Henry and I have mutually decided that it is time for us to part ways," Magic Leap CEO Rony Abovitz wrote in an email to employees obtained by Business Insider. "Scott's leadership and his expertise in financial management and raising capital have been an integral part of Magic Leap's growth and success over the past five years."
"As we move into our next phase, Scott and I feel that the time has come for someone new to enter into this role," the email continued. "Scott will remain a true advisor and friend to Magic Leap and will be involved in on-boarding a new CFO, once they have been identified. I want to thank Scott for his dedication, passion, and partnership over the years and wish him nothing but the best in finding his next adventure."
"I am extremely proud that I have been in a position to contribute to the incredible things that have been achieved at Magic Leap over the past 5 years," Henry wrote in a statement included in the email. "I firmly believe that Magic Leap has moved from being an IF company to a WHEN company and is destined for success and will continue to shape the spatial computing market. But the time has come for me to think of life beyond Magic Leap and Rony and I have mutually agreed that it is time for me to step into an advisory role, which will enable me to continue to be a friend and partner to the company."
Henry is stepping down from the CFO role just days after Magic Leap announced a Series E funding round, which Abovitz wrote in the email has attracted "over $500 million" in investments. The Plantation, Florida-based startup has raised $2.6 billion since 2010 to fund the design and launch of its augmented reality headset, and was last valued at over $6 billion. Past investors include companies like Google, J.P. Morgan, Alibaba, AT&T, and Warner Bros.
Henry had been with Magic Leap since December 2014, having previously served as CFO of Beats by Dr. Dre and Beats Music. He was one of several Magic Leap executives accused of fostering a hostile work environment for women in a 2017 lawsuit filed by former Magic Leap VP Tannen Campbell. Magic Leap and Campbell settled the lawsuit in May 2017. Business Insider has also reached out to Henry directly for comment, but has not heard back.
Do you have a Magic Leap-related story to tell? Contact the reporter of this article at stweedie@businessinsider.com.
John Gaeta, Magic Leap's senior VP of creative strategy and the special-effects pioneer credited for the bullet-time effect in "The Matrix," is no longer with the company, sources familiar with the matter confirmed to Business Insider.
Gaeta joined Magic Leap in October 2017. Gaeta is best known for creating the bullet-time effect in the "Matrix" films, and in 2015 he cofounded ILMxLab to work on immersive entertainment. Business Insider has reached out to Gaeta for comment, but has not heard back.
Magic Leap launched its first augmented-reality hardware product, the $2,300 Magic Leap One Creator Edition, in August 2018.
The headset is connected by wire to a puck-shaped module that houses the computational chip and battery powering the device. When worn, the Magic Leap One displays digital imagery and visuals that appear to exist within the physical space around you, and built-in sensors and tracking technology allows you interact with the digital assets.
Augmented reality is an area of growing interest among tech companies. Microsoft has launched two versions of its Hololens augmented-reality headset over the past few years, and Apple is reportedly readying a hybrid AR/VR headset and working on a pair of AR glasses that connect to iPhones.
Read the full email from Magic Leap CEO Rony Abovitz to employees below:
Dear Magic Leapers,
A few bits:
(1) We have recently raised over $500 million US towards our E round, and are deeply engaged with investors and strategic partners towards the completion of the round. Our incredible progress on ML2, Magicverse, and our engagement with key strategic players are paving the way for a great future. Our senior team just returned from our steering committee review with NTT Docomo in Japan - their commitment to Magic Leap and our success is amazing.
(2) I want to let you know that Scott Henry and I have mutually decided that it is time for us to part ways. Scott's leadership and his expertise in financial management and raising capital have been an integral part of Magic Leap's growth and success over the past five years. As we move into our next phase, Scott and I feel that the time has come for someone new to enter into this role. Scott will remain a true advisor and friend to Magic Leap and will be involved in on-boarding a new CFO, once they have been identified.
I want to thank Scott for his dedication, passion, and partnership over the years and wish him nothing but the best in finding his next adventure.
From Scott:
"I am extremely proud that I have been in a position to contribute to the incredible things that have been achieved at Magic Leap over the past 5 years. I firmly believe that Magic Leap has moved from being an IF company to a WHEN company and is destined for success and will continue to shape the spatial computing market. But the time has come for me to think of life beyond Magic Leap and Rony and I have mutually agreed that it is time for me to step into an advisory role, which will enable me to continue to be a friend and partner to the company."
(3) ML2 - I just want to say again how excited I am regarding the ML2 Bionicle turn-on - and that we are moving into our first PEQ builds in early 2020 - it is an incredible breakthrough - this kind of progress truly excites our Board, our investors, and our partners. They believe in our vision and the long game of spatial computing.
Thank you everyone - and have a great weekend.
Rony