Magic Leap Taps Microsoft Executive Peggy Johnson as New CEO
July 07 2020 - 11:49AM
Dow Jones News
By Dave Sebastian
Magic Leap Inc., the maker of augmented-reality headsets,
Tuesday named a top Microsoft Corp. executive, Peggy Johnson, as
its new chief executive officer effective Aug. 1.
Ms. Johnson served as executive vice president of business
development at Microsoft, a role in which she handled the company's
relationship with the venture-capital space. She will succeed
founder Rony Abovitz, who in May said he was stepping down. Mr.
Abovitz will remain as CEO during the transition period.
Before joining Microsoft in 2014, Ms. Johnson was at Qualcomm
Inc. for 24 years, during which she held positions in engineering,
sales, marketing and business development.
In April, Mr. Abovitz said the company laid off a number of its
staff, from Mr. Abovitz's direct reports to factory employees, as
it aimed to cut costs amid the Covid-19 pandemic.
The spatial-computing startup has raised $3.48 billion in
funding, including $350 million this year, according to PitchBook
data. The company was valued at about $6.69 billion as of April
2019, the data show. Its investors include Alphabet Inc.'s venture
arm, Alibaba Group Holding Ltd. and Qualcomm Ventures.
Write to Dave Sebastian at dave.sebastian@wsj.com
(END) Dow Jones Newswires
July 07, 2020 11:34 ET (15:34 GMT)
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