News: Magic Leap Loses CFO Scott Henry & Effects Wizard John Gaeta Following News of Funding Woes

Magic Leap Loses CFO Scott Henry & Effects Wizard John Gaeta Following News of Funding Woes

This week's news that Magic Leap's patents had entered collateral limbo, now in the hands of JPMorgan Chase, threw a dark cloud over the company.

Well, that cloud got a bit darker on Friday with the news that two of the company's top executives are exiting the startup.

The Matrix special effects veteran John Gaeta, Magic Leap's senior vice president of creative strategy, is leaving the company. Along with Gaeta, Scott Henry, the company's chief financial officer, is also heading for the exit.

"I want to let you know that Scott Henry and I have mutually decided that it is time for us to part ways," said Magic Leap's founder and CEO, Rony Abovitz, in a statement to Business Insider in a report confirming the departure late Friday. "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."

Although the company, in a statement provided to Next Reality earlier this week, confirmed that it is currently working to raise a Series E round of funding, the two major executive changes will likely continue to stoke concerns about the company's future.

"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," said Henry, in the report. "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."

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Cover image by Bram Van Oost via Unspflash

1 Comment

The problem is that people believe in Magic. They don't believe in Myth. Mythical Junk is a better description of the s-show.

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