Richard Branson is quitting as chairman of Virgin Hyperloop One, saying the company that plans to build a supersonic transport system in the United Arab Emirates and other countries, needs a more actively involved leader.
Virgin Hyperloop One’s biggest shareholder also confirmed the development and added that the company was now seeking a new chairman.
Richard Branson has resigned as chairman of Virgin Hyperloop One shortly after Saudi Arabia cancelled a deal with the company pic.twitter.com/IrjcENle8o
— Bloomberg QuickTake (@QuickTake) October 22, 2018
“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,” Branson said in a statement.
“It will be difficult for me to fulfill that commitment as I already devote significant time to my philanthropic ventures and the many business within the Virgin Group.”
The Financial Times had reported last week that Saudi Arabia had terminated a planned deal with Virgin Hyperloop One after Branson halted investment talks with Riyadh over Jamal Khashoggi row.
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