INTERNATIONAL – 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, 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 business within the Virgin Group.”