TUCSON, Ariz. (KOLD News 13) - A Tucson-based aerospace company has ousted its CEO amid financial problems.
On Friday, Aug. 9, Vector Launch announced the departure of CEO Jim Cantrell and said John Garvey will take over. More information will be released in the coming days.
“In response to a significant change in financing, Vector Launch Inc (Vector) announced today that it is undertaking a pause of operations,” the company said in a statement posted to its website. “A core team is evaluating options on completing the development of the company’s Vector-R small launch vehicle, while also supporting the Air Force and other government agencies on programs such as the recent ASLON-45 award.”
The news comes just two days after Vector announced it won a $3.4 million contract from the Air Force.
Vector Launch, a micro satellite space launch company, made big news in 2016 when it announced Tucson would be its home.
According to Pima County, Vector was expected to add 200 jobs to the region with an average salary of $75,000. The company was expected to make a capital investment of $19 million over that time and up to $50 million over 15 years.
According to SpaceNews.com, the move happened when “one of Vector’s largest venture capital backers, Sequoia, withdrew its funding for the company.”
At least one employee took to Twitter and said Vector’s three offices — including the one in Tucson — were closed Friday without warning.