Branson resigns as Virgin Hyperloop’s chairman
British tycoon says he feels company needs a chair ‘who can focus on the business’
Richard Branson is quitting as chairman of Virgin Hyperloop One, saying the company, which plans to build a supersonic transport system in the United Arab Emirates and other countries, needs a more actively involved leader, the firm said on Monday.
The Financial Times reported last week that Saudi Arabia had terminated a planned deal with Virgin Hyperloop One after Branson halted investment talks with Riyadh over the Jamal Khashoggi affair. The company made no reference to that in its statement on Monday.
“At this stage in the company’s evolution, I feel it needs a ■ more hands-on chair, who can focus on the business and these opportunities,” the statement quoted Branson as saying.
“It will be difficult for me to fulfil that commitment as I already devote significant time to my philanthropic ventures and the many businesses within the Virgin Group.”
Virgin Hyperloop One’s biggest shareholder, Dubai’s DP World, said the company was seeking a new chairman.