Chamath Palihapitiya steps down from Virgin Galactic board – What We Know!

Virgin Galactic leaders in entrance of the New York Inventory Change, from left: CEO George Whitesides, founder Richard Branson and Chairman Chamath Palihapitiya.

Virgin Galactic

In a press release, Palihapitiya stated he’s leaving “to deal with different current and upcoming public board tasks” however is “proud to go away the crew in such succesful palms” and appears ahead to “at some point flying to area with them.”

Virgin Galactic’s inventory slipped greater than 5% Friday from its earlier shut of $9.01 a share.

“We’ve all the time recognized the time would come when he would shift his focus to new initiatives and pursuits,” Virgin Galactic CEO Michael Colglazier stated in a press release. “I’m grateful for every thing Chamath has executed for our firm and want him all the perfect.”

Board director Evan Lovell will function interim chairman, with a brand new chair anticipated to be chosen at a later date, the corporate stated. In a submitting, Virgin Galactic stated Palihapitiya knowledgeable the board of his resolution to resign on Thursday.

Virgin Galactic has steadily made adjustments to its construction and model below 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.