Starfighters Space stock price plummets due to leadership change of CEO

LootboxPhobia · 2026-02-23T17:53:39+00:00

Starfighters Space Inc CEO Rick Svetkoff resigns, causing the company's stock price to drop 14.4%. The new CEO is Tim Franta, who previously oversaw the development of aerial launch systems. Svetkoff founded Starfighters and made significant contributions to the company's growth.

LootboxPhobia

2026-02-23 17:53:39

Abstract generation in progress

Investing.com – Starfighters Space Inc (NYSE American:FJET) fell 14.4% on Monday after the company announced that founder Rick Svetkoff has resigned from his roles as CEO, President, Chairman, and Director.

The aerospace company, which operates a fleet of supersonic aircraft, stated that 72-year-old Svetkoff has stepped down from his leadership positions. His spouse, Brenda Svetkoff, also resigned from her role as company secretary. The board appointed Tim Franta as the new CEO.

Svetkoff founded Starfighters in 1996. Prior to that, he served as a U.S. Navy pilot flying A-4 fighters from 1978 to 1984 and worked as a pilot for Continental Airlines. The company expressed gratitude for Svetkoff’s leadership in developing Starfighters to its current stage.

Franta has served as Vice President of Development at Starfighters since October 2022, leading the development of the STARLAUNCH air launch system designed to deliver payloads into space. Before joining Starfighters, he was Deputy Director at Energy Florida from October 2018 to September 2022, and prior to that, he served as Director of Special Projects from 2012 to October 2018.

His early career included working for the Florida Legislature and serving as Chief of Staff for the Florida Space Authority, where he helped draft space transportation legislation and oversaw FAA licensing for two launch pads.

“Rick built Starfighters from the ground up. As we enter a commercialized era of space operations, we are deeply grateful for the strong foundation he has left us, both operationally and financially,” Franta said.

This article was translated with the assistance of artificial intelligence. For more information, please see our Terms of Use.

View Original

This page may contain third-party content, which is provided for information purposes only (not representations/warranties) and should not be considered as an endorsement of its views by Gate, nor as financial or professional advice. See Disclaimer for details.