Tom Vice has stepped down as CEO of Sierra Space, effective December 31, 2024, after serving for three and a half years. Chairman Fatih Ozmen will take over as interim CEO, with Eren Ozmen continuing as president. Sierra Space, which spun off from Sierra Nevada Corporation (SNC) in 2021, is valued at over $5 billion but has encountered challenges in launching its reusable cargo spaceplane, Dream Chaser. Initially expected to debut in 2021, the first Dream Chaser, named “Tenacity,” has experienced delays, with a new launch target set for May 2024. Despite securing NASA contracts for seven cargo missions to the International Space Station, the company has faced significant hurdles, including layoffs and high executive turnover during Vice’s tenure. Before joining Sierra Space, Vice leading Aerion Supersonic, which ceased operations in 2021. Sierra Space is also advancing in inflatable space station technologies and expanding its satellite bus product line after winning a $740 million Pentagon contract. The company aims to pursue an IPO by late 2025, although specific details regarding this plan have yet to be finalized.
