Former Google CEO Eric Schmidt, who led the tech giant from 2001 to 2011, has returned to the executive position as CEO of aerospace company Relativity Space. Schmidt, who previously held a stake in Relativity Space, has made additional investments in the company, acquiring enough shares to replace founder Tim Ellis as CEO.
Relativity Space is known for its cost-effective reusable rockets, reminiscent of SpaceX’s rockets. Despite initial success, the company faced financial challenges, prompting Schmidt to inject undisclosed funds into the company and assume a management role.
While Schmidt has not publicly commented on his new role, founder Tim Ellis has confirmed the CEO transition and will continue as a board member of the company. Relativity Space’s rockets, named Terran, with the first model being Terran 1, are set to launch a new model, Terran R, in 2026.
Source: The New York Times, TechCrunch
TLDR: Former Google CEO Eric Schmidt has returned to lead Relativity Space, an aerospace company known for its cost-effective rockets, replacing founder Tim Ellis as CEO. The company is set to launch a new rocket model, Terran R, in 2026.
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