Starfighters Space Inc. (NYSE American: FJET) experienced a sharp share-price fall of 14.4% on Monday after the company disclosed that founder Rick Svetkoff has stepped down from all of his executive and board positions.
The aerospace firm - which operates a fleet of commercial supersonic aircraft - confirmed that Svetkoff, age 72, resigned as Chief Executive Officer, President, Chairman and Director. The company also said Brenda Svetkoff, his spouse, relinquished her role as company secretary.
In conjunction with these departures, the board named Tim Franta as Chief Executive Officer. Franta has been Starfighters' Vice President of Development since October 2022, directing work on the STARLAUNCH air-launch system intended to deliver payloads to space.
Prior to his tenure at Starfighters, Franta served as Deputy Director for Energy Florida in Cape Canaveral from October 2018 through September 2022, and before that held the position of Director of Special Projects from 2012 to October 2018. His earlier career included positions with the Florida Legislature and service as Chief of Staff for the Florida Space Authority, where he participated in drafting space transportation legislation and oversaw Federal Aviation Administration licensing of two launch pads.
The company acknowledged Svetkoff's longstanding role in founding and building Starfighters, a business established in 1996 following his prior experience as a U.S. Navy pilot flying A-4 fighter jets from 1978 to 1984 and subsequent work as a Continental Airlines pilot. The board expressed gratitude for the operational and financial foundation he established for the firm.
In commenting on the transition, Franta said, "Rick built Starfighters from the ground up. As we move into the commercialization era of our business, we are grateful for the strong foundation, both operationally and financially, he has left us."
This report is based on the company's announcement regarding leadership changes and market reaction. No additional events or outcomes beyond those disclosed by the company have been included.