WASHINGTON — Laser communications technology firm Mynaric announced Aug. 26 the immediate dismissal of its CEO Mustafa Veziroglu and the appointment of a chief restructuring officer, following recent reports of production struggles affecting its optical terminals for satellites.
The management shakeup comes as the company grapples with difficulties in ramping up production. Laser communications terminals made by Mynaric were selected for a planned mesh network of satellites being developed by the U.S. Space Force’s Space Development Agency (SDA). Several satellite manufacturers contracted by the SDA are among Mynaric’s major customers for these inter-satellite communications links.
Mynaric said in a statement that Andreas Reif would join the management board as chief restructuring officer (CRO), tasked with reducing costs and addressing cash flow issues while maintaining customer deliveries.
This move follows Mynaric’s announcement last week of a significant downward revision to its 2024 revenue forecast. The company cited slower production ramp-up and higher costs for its CONDOR Mk3 optical communications terminals, blaming lower-than-expected yields and component shortages. The news, combined with the resignation of its chief financial officer, triggered a sharp decline in Mynaric’s stock price.
“As CRO, Andreas Reif will be integral to reducing costs and near-term cash consumption while working closely with our customers to meet their requirements,” Mynaric stated. Reif brings experience from executive financial and operational roles at several German industrial manufacturing firms.
