15 July 2020

Virgin Galactic Announces Michael Colglazier as Chief Executive Officer in Preparation for Commercial Service

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OJAVE, Calif. – (BUSINESS WIRE) – Virgin Galactic Holdings, Inc. (NYSE: SPCE) (“Virgin Galactic”), a vertically integrated aerospace and space travel company, today announced the appointments of Michael Colglazier as Virgin Galactic’s new Chief Executive Officer and George Whitesides as Chief Space Officer, effective July 20, 2020.

Michael assumes the CEO role at an exciting time for Virgin Galactic as the Company progresses through its test flight program and prepares for commercial service.  He will also join the Company’s Board of Directors effective July 20, 2020.  Michael joins Virgin Galactic following a long and successful career at The Walt Disney Company (NYSE: DIS), bringing over three decades of experience in developing and growing consumer-oriented multi-billion dollar businesses strategically, commercially, and operationally. Most recently Michael was President and Managing Director, Disney Parks International, where he was responsible for operations, strategy, and commercial and experiential development of Disney’s international parks and resorts.

George will assume the role of Chief Space Officer, focused on developing the Company’s future business opportunities, including point-to-point hypersonic travel and orbital space travel. George will also chair the Company’s Space Advisory Board, and in conjunction with his new role will step down from the Company’s Board of Directors.  George joined Virgin Galactic in 2010 as its first CEO, after serving as Chief of Staff at NASA. During the past decade, he has built the Company from 30 people to a workforce of over 900 today, and he has successfully guided Virgin Galactic through its human space flight research and development program as well as the progress to date in its flight test program, culminating in two successful space flights.  These historic flights saw the first humans launched into space from US soil since the retirement of the Space Shuttle, as well as the first woman to fly on a commercial space vehicle. During the last year, George led the transition of operations from Mojave, California to Spaceport America, New Mexico, and oversaw the Company’s successful public listing —creating the world’s first publicly traded human spaceflight venture.Michael Colglazier said, “I am thrilled to join the talented team at Virgin Galactic at this inflection point in the Company’s journey.  Like so many others, including hundreds of signed-up customers, I have been inspired by this purpose-driven, world-class brand and the incredible opportunity it offers to open space to change the world for good. George’s vision and outstanding leadership have enabled Virgin Galactic to reach this point, and I am excited to work with him in his role as Chief Space Officer where he will spearhead our future development efforts.  On a personal note, I’d like to thank my friends and colleagues at Disney, especially Bob Chapek for his mentorship and guidance over the years, and Josh D’Amaro, who is bringing superb leadership to Disney’s Parks, Experiences, and Products.  I am grateful to the Virgin Galactic Board, our chair Chamath Palihapitiya, and our founder Richard Branson for their support and trust as we make history together in this amazing company.”

George Whitesides added, ‘’Serving as the first CEO of Virgin Galactic and The Spaceship Company for the past ten years has been the honor and adventure of a lifetime. The next decade for Virgin Galactic will be commercially-focused, and it is the perfect moment for us to bring a visionary commercial leader like Michael to take the Company forward. Michael brings enormous experience in building customer experiences for Disney all around the world, and scaling businesses into multi-billion dollar organizations. I look forward to supporting Michael as the Company realizes Richard Branson’s vision to share the experience of spaceflight with people around the world, now turning my focus to building the next generation of aerospace vehicles and experiences.”Sir Richard Branson said, “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.”“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.”Chamath Palihapitiya, Chairman of Virgin Galactic, said, “Michael’s skillset is highly complementary to that of the incredible team that we have at Virgin Galactic. He has considerable commercial and managerial experience and a proven track record of successfully commercializing new and innovative products and services all over the world. He will create an amazing customer experience for our Future Astronauts as we ramp up for spaceflight operations.” 

Conference Call Information

 Virgin Galactic will host a conference call to discuss this announcement at 2:30 p.m. Pacific Time (5:30 p.m. Eastern Time) today.  To access the conference call, parties should dial (833) 350-1375 and enter the conference ID number 3890700.  The live audio webcast along with supplemental information will be accessible on the Company’s Investor Relations website at investors.virgingalactic.com.  A recording of the webcast will also be available following the conference call.Separately, as previously announced, Virgin Galactic will host a conference call to discuss its second quarter financial results on Monday, August 3, 2020 at 2:00 p.m. Pacific Time (5:00 p.m. Eastern Time). 

For Media Assets:

https://www.image.net/virgingalactic 

About Virgin Galactic

 Virgin Galactic is a vertically-integrated aerospace and space travel company, pioneering human spaceflight for private individuals and researchers, as well as a manufacturer of advanced air and space vehicles. Using its proprietary and reusable technologies and supported by a distinctive, Virgin-branded customer experience, it is developing a spaceflight system designed to offer customers a unique, multi-day, transformative experience. This culminates in a spaceflight that includes views of Earth from space and several minutes of weightlessness that will launch from Spaceport America, New Mexico. Virgin Galactic and The Spaceship Company believe that one of the most exciting and significant opportunities of our time lies in the commercial exploration of space and the development of technology that will change the way we travel across the globe in the future. Together we are opening access to space to change the world for good. 

Forward-Looking Statements

 This press release contains certain forward-looking statements within the meaning of federal securities laws with respect to Virgin Galactic Holdings, Inc. (the “Company”), including statements regarding the Company’s future business opportunities. These forward-looking statements generally are identified by words such as “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “strategy,” “future,” “opportunity,” “plan,” “may,” “should,” “will,” “would,” and similar expressions. Forward looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this press release, including but not limited to the factors, risks and uncertainties regarding the Company’s business described in the documents filed by the Company from time to time with the Securities and Exchange Commission (the “SEC”). These filings identify and address other important risks and uncertainties that could cause the Company’s actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and, except as required by law, the Company assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. 

Contacts

 For media inquiries please contact: VirginGalacticPress@virgingalactic.comUS, Canada, South America, Australia – Antonia Gray, FTI ConsultingUK, Middle East, Asia, Africa – Charles Palmer, FTI Consulting VirginGalacticFin@fticonsulting.com For Investor Relations inquiries please contact: VirginGalactic-SVC@SARDVERB.com  

GEORGE WHITESIDES

GEORGE WHITESIDES

SPACE ADVISORY BOARD CHAIR

George T. Whitesides is the Chair of the Space Advisory Board, where he is responsible for bringing together aerospace leaders to advise the Virgin Galactic senior management team on the journey towards regular commercial spaceflight, developing the next generation vehicles and exploring new opportunities. Previously, George served as the Chief Space Officer of Virgin Galactic, spearheading the development of future technologies, including high speed, point-to-point travel and orbital flight, after stepping down as CEO in 2020.

George joined Virgin Galactic in 2010 as Chief Executive Officer. During George’s 10 years with the Company, he built the company from 30 people to a workforce of over 900, successfully guiding Virgin Galactic through its human space flight R&D and flight test program, culminating in two space flights. These historic flights saw the first humans launched into space from US soil since the retirement of the Space Shuttle, as well as the first woman to fly on a commercial space vehicle. George led the transition of operations from Mojave, California to Spaceport America, New Mexico, and oversaw the company’s successful public listing making it a multi-billion dollar company and creating the world’s first publicly traded human spaceflight venture.

Prior to Virgin Galactic, George served as Chief of Staff for NASA. Upon departure from the American space agency, he received the Distinguished Service Medal, the highest award the agency confers.

George’s volunteer service includes Caltech’s Space Innovation Council, Princeton University’s Advisory Council for Mechanical and Aerospace Engineering, and the Antelope Valley Economic Development & Growth Enterprise. He is a fellow of the UK Royal Aeronautical Society and an associate fellow of the American Institute of Aeronautics and Astronautics.

He previously served as Vice Chair of the Commercial Spaceflight Federation, chair of the Reusable Launch Vehicle Working Group for the FAA’s Commercial Space Transportation Advisory Committee, a member of the Board of Directors of Virgin Galactic, a member of the Board of Trustees of Princeton University, co-chair of the World Economic Forum’s Global Future Council on Space Technologies, and the Board of Virgin Unite USA. George has testified on American space policy before the United States Senate, the United States House of Representatives, and the President’s Commission on Implementation of United States Space Exploration Policy. An honors graduate of Princeton University’s School of Public and International Affairs, George later earned a master’s degree in geographic information systems and remote sensing from the University of Cambridge, and a Fulbright Scholarship to Tunisia. George is a licensed private pilot and certified parabolic flight coach.

He resides in California with his wife Loretta and two children.

CHRIS HADFIELD

CHRIS HADFIELD

SPACE ADVISORY BOARD MEMBER

Colonel Chris Hadfield is a heavily decorated astronaut, engineer, and test pilot who has commanded the International Space Station. Formerly NASA’s Director of Operations in Russia and veteran of three spaceflights, Hadfield’s many awards include the Order of Canada, the Meritorious Service Cross and the NASA Exceptional Service Medal. Hadfield is a three-time NYT bestselling author, a renowned musician, an adjunct professor at the University of Waterloo, chair of the board of the Open Lunar Foundation, and host of several internationally acclaimed television series. In addition, Hadfield leads the space stream at the Creative Destruction Lab, one of the world’s top tech incubators.

DR SANDRA MAGNUS

DR SANDRA MAGNUS

SPACE ADVISORY BOARD MEMBER

Dr. Sandra H. “Sandy” Magnus is the Principal at AstroPlanetview, LLC. Most recently she served as the Deputy Director of Engineering in the Office of the Secretary of Defense for the Undersecretary of Research and Engineering. In that role she served as the “Chief Engineer” for the Department of Defense establishing engineering policy, propagating best practices and working to connect the engineering community across the department.

Dr. Magnus is the former Executive Director of the American Institute of Aeronautics and Astronautics (AIAA). Prior to leading AIAA, she was a member of the NASA Astronaut Corps for 16 years. During her time at NASA she flew in space on the STS-112 shuttle mission in 2002, and on the final shuttle flight, STS-135, in 2011. In addition, she flew to the International Space Station on STS-126 in November 2008, served as flight engineer and science officer on Expedition 18, and returned home on STS-119 after four and a half months on board.

Following her assignment on Station, she served at NASA Headquarters in the Exploration Systems Mission Directorate. Her last duty at NASA, after STS-135, was as the deputy chief of the Astronaut Office.

While at NASA, Dr. Magnus worked extensively with the international community, including the European Space Agency (ESA) and the Japan Aerospace Exploration Agency (JAXA), as well as with Brazil on facility-type payloads. She also spent time in Russia developing and integrating operational products and procedures for the International Space Station.

Before joining NASA, Dr. Magnus worked for McDonnell Douglas Aircraft Company as a stealth engineer. While at McDonnell Douglas, she worked on internal R&D and on the Navy’s A-12 Attack Aircraft program.

Dr. Magnus has received numerous awards, including the NASA Space Flight Medal, the NASA Distinguished Service Medal, the NASA Exceptional Service Medal, and the 40 at 40 Award (given to former collegiate women athletes to recognize the impact of Title IX).

DAVID A. WHELAN

DAVID A. WHELAN

SPACE ADVISORY BOARD MEMBER

Dr. David A. Whelan is the SVP Chief-Scientist of Cubic Corporation. Dr. Whelan retired from Boeing in 2017, as the Vice President, Engineering (BDS) and Board of Directors for HRL Laboratories. Whelan served as Director of the Tactical Technology Office of the Defense Advanced Research Projects Agency (DARPA) and began his career at Northrop as designer of the B-2 Stealth Bomber. Whelan is a member of the National Academy of Engineering, a fellow of the American Physical Society and IEEE. He earned his Ph.D. Physics from UCLA; He holds over 75 US patents.