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Virgin Hyperloop One is a transportation technology company which had the successful entrepreneur and charismatic personality Richard Branson as the chairman.
Sir Richard Charles Nicholas Branson, born 18 July 1950, is an English business magnate, investor, author, and philanthropist. Along with being the chairman, He’s also the founder of the Virgin Group that now owns 400 companies.
Being a bold, powerful and influential leader of the company, it came as a huge surprise when he decided to step down from the post of ‘chairman’.
When contacted by various sources of media as to what is the reason behind this shocking and sudden announcement, he simply stated that he believed that the company needs a more hands-on leader for the upcoming ambitious projects like building a supersonic transportation system in Saudi Arabia and many other countries.
Due to his philanthropic activities and business binges within the company.
“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,” Richard said.
However in their recent announcement of Richard retiring from his Chairman post, Virgin Hyperloop did not mention anything about him suspending the discussions with Saudi Arabia’s Public Investment Fund over a planned $1 billion investment in the group’s space ventures, in light of the disappearance of Saudi journalist Jamal Khashoggi who was killed inside the consulate in Istanbul. He also suspended his directorship in two Saudi projects around the red sea.
With distributed priorities, Richard Branson believes he won’t be able to put in his heart and soul into the upcoming projects the way he desires to, hence stepping down and passing on the responsibility to his successors seems like the wisest option there is.
After being led by such an important and influential personality, it is definitely the company’s loss. Yet, Being the president and founder of Virgin group, Richard Branson will make sure that this company receives a capable, qualifies and dignified person to take over the position of the chairperson, such that the company only progresses and gets better projects and keeps up its well-earned name.