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Virgin Galactic Holdings (NYSE: SPCE) announced the immediate departure of Chamath Palihapitiya from its Board of Directors to focus on other commitments. Evan Lovell, a board member since 2017 and Chief Investment Officer of Virgin Group, has been appointed as Interim Chairman. Palihapitiya, who joined the board in 2019, played a crucial role in the company’s public launch and growth. The board has engaged Spencer Stuart for the search for a new chairperson. CEO Michael Colglazier expressed gratitude for Palihapitiya's contributions during a pivotal period for Virgin Galactic.
Positive
Evan Lovell brings over 20 years of experience in private equity and M&A to the interim chair role.
The board's decision to retain Spencer Stuart indicates a commitment to a thorough and efficient leadership transition.
Negative
The departure of Chamath Palihapitiya may create uncertainty among investors regarding the company's strategic direction.
Chamath Palihapitiya Steps Down from Board of Directors
Board Appoints Evan Lovell as Interim Chair
TUSTIN, Calif.--(BUSINESS WIRE)--
Virgin Galactic Holdings, Inc. (NYSE: SPCE) (the “Company” or “Virgin Galactic”) announced today that, effective immediately, Chamath Palihapitiya will step down as chairman and as a member of its Board of Directors to focus on other public company board commitments. As part of the announcement, the Board appointed Director Evan Lovell as Interim Chairman until a new chair is in place.
Lovell has served on Virgin Galactic’s Board since 2017 and is the Chief Investment Officer of the Virgin Group. He is a seasoned private equity investor and operator, having invested and participated in global private equity and M&A over the past 20 years, working previously at TPG Capital and Culligan International.
Virgin Galactic CEO Michael Colglazier said: “Chamath was instrumental in the launch of Virgin Galactic as a public company and, as our inaugural chair, his deep and astute insights have been incredibly valuable to both me and the Company as we have grown and strengthened our business foundation. We’ve always known the time would come when he would shift his focus to new projects and pursuits. I’m grateful for everything Chamath has done for our company and wish him all the best.”
The Board has retained executive search firm Spencer Stuart to conduct a thorough and expeditious search process.
Lovell said: “Chamath has worked tirelessly to lead the Board through a critical period as Virgin Galactic prepared for commercial service. As we approach this milestone, I am confident the Company has the right leadership team in place and is on the right path to grow and scale the business. With the support of my fellow directors, I am honored to serve in this role as we work to find a new chairperson.
Palihapitiya joined Virgin Galactic’s board as its first Chairman when the Company went public in 2019.
Palihapitiya said: “It has been an honor to help guide Virgin Galactic through some of its greatest milestones to date, including taking the company public, building a strong capital base for future growth, and assembling a best-in-class management team to bring the company to even greater heights. As I close this chapter in order to focus on other existing and upcoming public board responsibilities, I am proud to leave the team in such capable hands and I look forward to watching their success for years to come, and one day flying to space with them.”
About Virgin Galactic Holdings
Virgin Galactic is an aerospace and space travel company, pioneering human spaceflight for private individuals and researchers with its advanced air and space vehicles. It is developing a spaceflight system designed to connect the world to the wonder and awe created by space travel and to offer customers a transformative experience. You can find more information at https://www.virgingalactic.com/.
