Mynaric President Mustafa Veziroglu. Photo: Mynaric

Mynaric CEO Mustafa Veziroglu has stepped down from his post after a tenure plagued by production delays and high costs. The laser technology company announced Veziroglu’s departure on Monday, less than a week after it slashed its 2024 revenue guidance by nearly 70% and saw its stock value drop. Mynaric is now looking for a replacement.

Veziroglu joined the company just over two years ago, and had led Mynaric’s operational product-related activities overseeing the entire product lifecycle from development through delivery. After lowering its yearly guidance, Mynaric now expects revenue in 2024 to range between 16 million euros to 24 million euros ($18 million to $27 million). Its previous guidance was between 50 million euros to 70 million euros ($56 million to (78 million).

In other changes to the management team, the company has appointed Andreas Reif as Chief Restructuring Officer. Reif will also join the management board. Reif will be play a key role in reducing costs and near-term cash consumption while working closely with our customers to meet their requirements. Prior to joining Mynaric, Reif served in executive financial and operational roles and as a key advisor for industrial manufacturing companies throughout Germany.

“It has been a privilege to be part of the Mynaric story and I would like to thank the supervisory board and all my colleagues for their trust on this journey. I look forward to new opportunities to share my knowledge,” Veziroglu said in a statement.