*This article was updated on December 7.

Marenco Swisshelicopter founder and CEO Martin Stucki has mutually agreed with the company's board to immediately "retire" and is being replaced at the Swiss startup helicopter manufacturer by former Airbus Helicopters senior executive Andreas Lowenstein effecttive January 1, according to a media statement issued on December 7. Company COO Bruno Gubserhas assume the CEO responsibilities in the interim.

The decision to install Lowenstein was taken on December 5 at a company board meeting, according to the statement. Founded by Stucki, Marenco is now largely funded by Russian billionaire Alexander Mamut. His interests on the board are represented by Marina Groenberg.

Marenco unveiled the $3.5 million SKYe SH09 single-turbine utility helicopter in 2009, but the program has been beset by delays and schedule slippages. The first prototype did not take flight until 2014. Flight-testing was halted while the main rotorhead and rotor blades were redesigned and fitted to the second prototype, which then took flight this past February.

Meanwhile, the certification timetable has slipped from 2016 to 2018. A third prototype is currently under construction and is expected to fly next year. Marenco has 150 employees and said it has letters of intent from customers for 90 helicopters.