SALT LAKE CITY - Sarcos Technology and Robotics Corporation (NASDAQ: STRC), a company specializing in robotic artificial intelligence (AI) and machine learning (ML) software, announced a significant change in its executive leadership and strategic direction. Ben Wolff, co-founder and former CEO, will retake the helm as president and CEO starting February 23, 2024. Laura Peterson, who served as CEO throughout much of 2023, will transition to the role of executive vice chairman while continuing her service on the company's Board of Directors.
The company's chairman, Dennis Weibling, credited Peterson with reorienting Sarcos towards a more focused strategy that prioritizes its AI platform. Under Peterson's guidance, Sarcos suspended the development of various robotic hardware products, thereby extending its financial runway. The company now aims to enhance the productivity of the existing industrial robots globally using its AI platform.
Wolff, who has been a pivotal figure in Sarcos's establishment as an innovator in the robotics industry, brings extensive experience to his reinstated position. His previous achievements include leading a major satellite communications company's restructuring and co-founding Clearwire Corporation, which was later sold to Sprint for over $14 billion.
Sarcos's AI software platform, which has been under development since 2017, is designed to be compatible with most industrial robots sold today. The platform has received funding and real-world testing opportunities through development contracts with the U.S. Air Force.
This announcement is based on a press release statement from Sarcos Technology and Robotics Corporation.
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