Dive Brief:
- Aerospace company Sierra Space named its second CFO in a four-month span as it seeks to execute a pivot to the defense industry, according to a Monday press release.
- The Louisville, Colo.-based company appointed Daniel Gittsovich, most recently the VP and CFO of Missile Solutions for L3Harris Technologies, as its new finance chief. Gittsovich will succeed Jeff Schrader, who departed Sierra earlier this month to pursue another opportunity, according to an Oct. 13 Bloomberg report citing a company representative. Schrader departed after a six-month period with the company, which designs and manufacturers satellites, spacecraft and space subsystems — joining in March as its chief strategy officer before being named CFO in June.
- “Excited to join Sierra Space as CFO at such a pivotal moment in the company’s journey,” Gittsovich wrote in a Monday post on LinkedIn. “An extraordinary team, ambitious vision and tremendous opportunity ahead. Looking forward to helping build what’s next.”
Dive Insight:
Gittsovich joined L3Harris, a defense and space technology manufacturer, in 2021 as its VP of corporate strategy and development and assumed the CFO of Missile Solutions seat last November, according to his LinkedIn profile.
Prior to L3Harris, he spent five years at industrial machinery manufacturer 3M, in roles including VP, head of strategy and business development for its safety and industry business group and as head of corporate strategy. He began his career in investment banking with roles at Deutsche Bank and Bank of America Merrill Lynch.
The CFO appointment is the latest leadership change by the company over the past year. As well as its quick CFO changeup, Sierra Space in recent months has named a new SVP of government relations and two new board members — and announced a new CEO, Dan Jablonsky, in February.
Sierra Space this year has also taken steps to expand into the national security and defense industries, after logging repeated delays and roadblocks related to its spacecraft.
The company closed a $550 million Series C funding round led by LuminArx Capital Management in March with the aim of moving beyond space craft. The capital, which gave the business a valuation of $8 billion, will be used to “pursue growth opportunities beyond its current satellite and spacecraft mission programs,” according to the release.
In July, the company announced it had secured a $798 million contract with the U.S. Space Development Agency to design, manufacture and deliver 18 missing warning, tracking and defense satellites for Donald Trump’s $1.2 trillion “Golden Dome for America” missile defense program.
The company is focusing further on defense after navigating repeated challenges that have delayed its flagship spacecraft, “Dream Chaser.”
Sierra Space was created in 2021 when Sierra Nevada Corporation owners and founders Fatih Ozmen and Eren Ozmen spun off the global aerospace company’s space division into its own subsidiary, CNBC reported at the time.
With the launch of the subsidiary, Sierra Space took over the ongoing development of Dream Chaser, according to the 2021 CNBC report. Sierra Nevada Corp. originally signed a contract with NASA in 2016 for supplying cargo to the International Space Station, according to a press release at the time.
However, the official launch of Dream Chaser — which faced competition from SpaceX’s “Dragon” spacecraft, among others — has been repeatedly delayed, running up against both engineering challenges and certification hurdles, according to reports by Aerospace America, a trade publication which covers the industry.
Last fall, NASA stated it was “no longer obligated” to use the Dream Chaser craft for supply to the ISS, Aerospace America reported, while Sierra Space noted in a separate release at the time that it was embarking on a “strategic transition” for the craft — with its first flight now a free flyer, demonstration mission, per the Sept. 2025 release.
