Small-satellite launch firm Vector Launch Inc. has paused operations due to a “major change in financing,” it said Friday night.
Earlier on Friday, Vector said its chief executive, Jim Cantrell, was no longer part of the company. The president of launch services, John Garvey, assumed the role of CEO, Vector said.
Vector did not respond immediately to follow-up questions about whether the pause in operations resulted in employee layoffs. In addition to its Tucson headquarters, the company has an engineering facility in Huntington Beach.
Founded in 2016, Vector is one of several launch companies whose business plan centers on launching small satellites. It is developing a rocket called the Vector-R, designed to carry satellites weighing 132 pounds or less.
The company recently won a launch contract with the U.S. Air Force. Vector said in its statement Friday that a “core team is now evaluating options” to complete development of its Vector-R while also supporting the Air Force and other government agencies.