Magic Leap appoints Microsoft executive Peggy Johnson as its new CEO, as the company tries to turn its fortunes around

• Magic Leap has announced that Microsoft executive Peggy Johnson will join the company as CEO, replacing Rony Abovitz.
• Johnson, who will start work in August, has served as Microsoft's vice president of business development since 2014.
• "I look forward to strategically building enduring relationships that connect Magic Leap's game-changing technology and pipeline to the wide-ranging digital needs of enterprises of all sizes and industries," she said.
• Are you a current or former Magic Leap employee? Contact this reporter using encrypted messaging app Signal (+1 628-228-1836) or email (hlangley@businessinsider.com).

Magic Leap has found its new CEO.

The company announced that former Microsoft executive Peggy Johnson will be stepping in to lead the spatial-computing startup, which has struggled to take off despite enormous amounts of funding.

Johnson has been Microsoft's vice president of business development since 2014. Before that, she was at Qualcomm for 24 years and served on the company's executive committee.

Johnson will begin work at Magic Leap this August and replaces founder Rony Abovitz. In May, Abovitz announced he would step down as Magic Leap's CEO but will "continue to provide strategy and vision from a Board level," as per a memo sent to staff at the time.

"As CEO, I look forward to strategically building enduring relationships that connect Magic Leap's game-changing technology and pipeline to the wide-ranging digital needs of enterprises of all sizes and industries," Johnson said in a statement.

"It is with great pride and sincere appreciation to the Magic Leap Board, Rony and the entire team, as well as to Satya Nadella at Microsoft, that I assume the role of leading this visionary business into the future."

Johnson's appointment follows a rocky few months for Magic Leap, which laid off around half of its staff in April and pivoted to enterprise in an effort to sustain its business.

The company raised $350 million in investment after the layoffs, and The New York Times reports that Magic Leap has secured an additional $25 million since.

Johnson, who has driven some major acquisitions at Microsoft, including LinkedIn, brings many years of experience in building the types of business partnerships that will be critical to Magic Leap's success.

"As Magic Leap drives towards commercializing spatial computing for enterprise, I can't think of a better and more capable leader than Peggy Johnson to carry our mission forward." said Rony Abovitz.

Are you a current or former Magic Leap employee? Contact this reporter using encrypted messaging app Signal (+1 628-228-1836) or email (hlangley@businessinsider.com).