Virgin Galactic altering CEOs, bringing on Disney’s Michael Colglazier

Virgin Galactic’s chief house officer George Whitesides, left, and chief government officer Michael Colglazier.

Virgin Galactic

Virgin Galactic introduced on Wednesday that George Whitesides would step apart as CEO, with the house tourism enterprise appointing former Disney government Michael Colglazier.

Whitesides will keep on with the corporate in a brand new function, serving as its chief house officer.

“I need to thank George for his excellent management of Virgin Galactic during the last decade. He has proven dedication and dedication as its first CEO to construct the Company from early stage improvement by to house flight, the primary from American soil because the retirement of the Space Shuttle,” Virgin Galactic founder Sir Richard Branson stated in a press release.

Colglazier was most not too long ago the president and managing director of Disney Parks International, the fruits of greater than 30 years on the media and leisure big.

“I imagine Michael’s lengthy and distinguished profession at one of many world’s main buyer expertise manufacturers gives a pure match with Virgin’s tradition in addition to Galactic’s necessities because it prepares for business service,” Branson stated.

The CEO changeover will probably be efficient subsequent Monday. Whitesides may also step down fro Virgin Galactic’s board of administrators, with Colglazier taking his place.

Shares of Virgin Galactic rose greater than 4% in after-hours buying and selling from its shut of $18.55.

Virgin Galactic CEO George Whitesides

CNBC | Michael Sheetz

Whitesides has served because the CEO of the corporate for 10 years, rising the corporate from a staff of 30 to its present workforce of over 900. He has led the corporate by instances of each problem and triumph, together with a deadly accident throughout testing in 2014 and its first two successful spaceflights final yr.

The firm stated that Whitesides new function can have him give attention to creating Virgin Galactic’s future enterprise, together with its extra long-term alternatives like hypersonic journey.

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