Virgin Galactic leaders in front of the New York Stock Exchange, from left: CEO George Whitesides, creator Richard Branson and Chairman Chamath Palihapitiya.
In a declaration, Palihapitiya stated he is leaving “to focus on other existing and upcoming public board responsibilities” however is “proud to leave the team in such capable hands” and anticipates “one day flying to space with them.”
Virgin Galactic’s stock slipped more than 5% Friday from its previous close of $9.01 a share.
“We’ve always known the time would come when he would shift his focus to new projects and pursuits,” Virgin Galactic CEO Michael Colglazier stated in a declaration. “I’m grateful for everything Chamath has done for our company and wish him all the best.”
Board director Evan Lovell will function as interim chairman, with a brand-new chair anticipated to be picked at a later date, the business stated. In a filing, Virgin Galactic stated Palihapitiya notified the board of his choice to resign on Thursday.
Virgin Galactic has actually progressively made modifications to its structure and brand name under Colglazier, who was designated as president in July2020 Earlier today, the business exposed a rebranding, changing the iris of Branson in its logo design with a purple overview of its spacecraft.