Shift5 hires former L3Harris exec as interim CEO
Shift5's new interim CEO Toby Magsig led the launch of a technology accelerator initiative at L3Harris Technologies. Shift5 photo.
By
Ross Wilkers
Josh Lospinoso, a co-founder and Shif5's former chief executive, is transitioning out of day-to-day duties to focus more time and energy on longer-term planning.
Shift5, a cybersecurity startup whose backers include Booz Allen’s venture capital arm, has hired former L3Harris Technologies executive Toby Magsig as chief executive on an interim basis.
Magsig succeeds Josh Lospinoso, co-founder and former CEO, who is transitioning out of day-to-day duties to focus more time and energy on longer-term planning.
Shift5 said Monday that Lospinoso will remain on the board of directors at the company he helped start in 2018 alongside his colleagues James Correnti and Michael Weigand.
They founded Shift5 to develop software and other types of operational technology products for defense and transportation programs. Operations, maintenance and cybersecurity teams use Shift5’s toolset to protect vehicle fleets.
In September, Shift5 closed a $75 million Series C raise where Booz Allen Ventures was not the only notable GovCon investor name involved. AE Industrial Partners and Insight Partners also participated in the round.
Shift5 has recorded approximately $11.3 million in unclassified prime contract revenue over the trailing 12 months. The Air Force represents 91% of that spend and Special Operations Command makes up the remaining 9%, according to USASpending.gov data.
At L3Harris, Magsig most recently worked as vice president and general manager for an enterprise autonomous solutions business unit that included vehicles and other product lines.
Magsig also oversaw L3Harris’ launch of the LHXelerator initiative for integrating commercial and other categories of nontraditional defense technologies into the company’s products.
He is also a 26-year Army veteran and commanded the Joint Modernization Command at Army Futures Command.