Business & GA

Eclipse Aviation founder Vern Raburn has stepped down as chief executive to secure the first funds from a financing deal by the very light jet manufacturer’s new boss and largest shareholder.

Veteran software executive Roel Pieper, chairman and founder of European Technology and Investment Research Center (ETIRC) Aviation becomes acting CEO of Eclipse, effective immediately, Eclipse announced in a press release.

“It is now time to take the company to the next level of growth and operational excellence and this is what the board has tasked me to do,” Pieper said in a statement.

ETIRC Aviations had promised hundreds of millions of dollars in new financing for Eclipse, but releasing funds were made contingent on a series of actions. Raburn’s departure was apparently one of those contingencies.

“I love this company and the people who built it with me, and my first objective is to do whatever I can to enable its ongoing success,” Raburn said in a statement.

Raburn will assume the vice chairman role for ETIRC Aviation, which is creating virtual networks for airines and entrepreneurs in Europe. Luxembourg-based ETIRC Aviation also will build a second production line for the Eclipse 500 in Russia.