Virgin Galactic leaders in entrance of the New York Inventory Trade, from left: CEO George Whitesides, founder Richard Branson and Chairman Chamath Palihapitiya.
In a press release, Palihapitiya mentioned he’s leaving “to deal with different current and upcoming public board duties” however is “proud to go away the crew in such succesful palms” and appears ahead to “sooner or later flying to area with them.”
Virgin Galactic’s inventory slipped greater than 5% Friday from its earlier shut of $9.01 a share.
“We have all the time identified the time would come when he would shift his focus to new tasks and pursuits,” Virgin Galactic CEO Michael Colglazier mentioned in a press release. “I am grateful for the whole lot Chamath has finished for our firm and need him all the very best.”
Board director Evan Lovell will function interim chairman, with a brand new chair anticipated to be chosen at a later date, the corporate mentioned. In a submitting, Virgin Galactic mentioned Palihapitiya knowledgeable the board of his resolution to resign on Thursday.
Virgin Galactic has steadily made modifications to its construction and model underneath Colglazier, who was appointed as chief govt in July 2020. Earlier this week, the corporate revealed a rebranding, changing the iris of Branson in its brand with a purple define of its spacecraft.
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