By
Tolu Ajiboye
March 22nd, 2024
Virgin Galactic (SPCE) now has new Chief Executive Officer and Chief Space Officer. SPCE stock is in the green.
Virgin Galactic Holdings Inc (NYSE: SPCE) has announced the ascension of Michael Colglazier as the company’s new CEO. The company also appointed George Whitesides as its Chief Space Officer both effective from July 20, 2020. The space travel company has tickled a new gain with this announcement as investor’s reactions are visible in the company’s stock price.
Virgin Galactic (SPCE) stock closed 1.07% lower on Monday at $22.98 while showing a positive gain of 2.57% on Tuesday’s pre-market. As cited by CNBC, Jim Cramer believes Virgin Galactic stock is one of the most speculative stocks of all time. He said:
“I think that this is one of those great speculative stocks of all time. I mean, you’re either going to get like $50 or you’re going to get like $10. I like those odds.”
Following Virgin Galactic’s successful space test flights in the past years, the company is looking towards commercialization which has informed the strategic additions of the new CEO and CSO.
Virgin Galactic (SPCE) Way
Virgin Galactic is a British spaceflight company within the Virgin Group that was founded in 2004. It is developing commercial spacecraft and aims to provide suborbital space flights to space tourists and suborbital launches for space science missions.
Virgin Galactic’s founder, Richard Branson had initially suggested that he hoped to see a maiden flight by the end of 2009, but this date was delayed for several years, most seriously by the October 2014 in-flight loss of SpaceShipTwo VSS Enterprise.
The company has attracted lots of investors since its inception. Among the funds generated by the company include a $280 million investment by Aabar Investment group, an Abu Dhabi sovereign wealth fund in 2010 for a 31.8% stake in the company.
Virgin Galactic got listed into the New York Stock Exchange, trading under the ticker symbol ‘SPCE’ on Monday 28 October 2019.
Reaction to the Recent Additions
Michael Colglazier, the Chief Executive Officer has decades of experience developing and growing a consumer-oriented multi-billion dollar business for The Walt Disney Company (NYSE: DIS). With his experience and expertise, Michael will help drive the commercial expansion drive of the Virgin Galactic group while also serving as a pivotal member of the company’s board.
The Chief Space Officer George Whitesides served as the Chief Executive Officer for Virgin Galactic where he oversaw the company’s landmark growth and eventual listing on the New York Stock Exchange.
“I want to thank George for his outstanding leadership of Virgin Galactic over the last decade. He has shown dedication and determination as its first CEO to build the Company from early-stage development through to space flight, the first from American soil since the retirement of the Space Shuttle. In the past year, George has taken the Company public and moved it to Spaceport America. He transitions into his new role as Chief Space Officer having created substantial value as CEO and with Galactic poised for an exciting next chapter.” Sir Richard Branson, Virgin Galactic’s founder said in a statement.
“At the same time, we are delighted to welcome Michael as the new Chief Executive to lead Galactic into commercial operations. I believe Michael’s long and distinguished career at one of the world’s leading customer experience brands provides a natural fit with Virgin’s culture as well as Galactic’s requirements as it prepares for commercial service,” added he.