Bill Weber is out as chief executive at Firefly Aerospace, following a nearly two-year stint in the role, the maker of launch vehicles, lunar landers and orbital vehicles announced late Wednesday.

While the board initiates a search for a new CEO, board member Peter Schumacher will serve as interim CEO, the company said in a statement published on its website. A Transition Committee will assist in the search. 

Weber joined the company after it was acquired by private equity giant AE Industrial Partners in February 2022. A longtime aerospace executive, Weber previously served as CEO of KeyW Corporation, an intelligence and analytics provider to U.S. defense and intelligence customers, and president of government services company XLA.  

The news of his departure comes just two days after Payload published a story that the company was investigating allegations of an inappropriate relationship between Weber and a female employee. At the time, a Firefly spokesperson reportedly told Payload that “our initial findings do not support any facts behind this speculation.”  

A spokesperson declined to specify whether Weber’s departure was related to this reported investigation, citing company policy. Weber did not immediately respond to TechCrunch’s request for comment. 

Firefly is one of a handful of companies looking to seize a greater share of the launch market from competitors like SpaceX and Rocket Lab with its small Alpha rocket. The company is also developing a lunar lander called Blue Ghost, which is due to launch for the first time later this year, and a suite of orbital transfer vehicles designed to increase in-space mobility for satellites. 

In May, Bloomberg reported that AEI and other backers were considering selling the Texas-based firm in a deal that would value the company at $1.5 billion.