Firefly founder stepping down as CEO
Capitalism in space: Tom Markusic, the founder of the smallsat rocket startup Firefly, is now stepping down as CEO, apparently forced out by the company’s new investors.
The company said that Markusic would shift from chief executive to a new role of chief technical advisor, effective June 16. He will remain a member of the company’s board and a “significant minority investor” in the company.
The move comes four months after AE Industrial Partners (AEI), a private equity firm, agreed to acquire a “significant stake” in Firefly from Noosphere Venture Partners, which sold its interest in Firefly at the request of the Committee on Foreign Investment in the United States. Noopshere is a fund run by Ukrainian-born investor Max Polyakov. In March, AEI said it was leading Firefly’s $75 million Series B round.
The statement suggested that Firefly’s new owners wanted new leadership for the company as it prepares a second launch of its Alpha rocket. That launch is expected no earlier than mid-July from Vandenberg Space Force Base, nearly a year after the first Alpha launch failed.
Essentially, the two people that created this company and then saved it have been forced outt, largely as a result of federal government demands. Polyakov was forced to sell to AEI by the government because he was not American, and it appears AEI then forced Markusic out.
Capitalism in space: Tom Markusic, the founder of the smallsat rocket startup Firefly, is now stepping down as CEO, apparently forced out by the company’s new investors.
The company said that Markusic would shift from chief executive to a new role of chief technical advisor, effective June 16. He will remain a member of the company’s board and a “significant minority investor” in the company.
The move comes four months after AE Industrial Partners (AEI), a private equity firm, agreed to acquire a “significant stake” in Firefly from Noosphere Venture Partners, which sold its interest in Firefly at the request of the Committee on Foreign Investment in the United States. Noopshere is a fund run by Ukrainian-born investor Max Polyakov. In March, AEI said it was leading Firefly’s $75 million Series B round.
The statement suggested that Firefly’s new owners wanted new leadership for the company as it prepares a second launch of its Alpha rocket. That launch is expected no earlier than mid-July from Vandenberg Space Force Base, nearly a year after the first Alpha launch failed.
Essentially, the two people that created this company and then saved it have been forced outt, largely as a result of federal government demands. Polyakov was forced to sell to AEI by the government because he was not American, and it appears AEI then forced Markusic out.