Virgin Hyperloop One (VH1), an American transportation technology company, said that Sir Richard Branson has decided to step down from his role as chairman based on the increased commitment of time the position now requires.

Sir Richard played a significant role in the growth and development of the company. He will remain a significant supporter of VH1. The company is in a strong position and therefore it is time for a new full time chairman to lead the next chapter of VH1, said a report from Dubai Media Office.

Sir Richard said: “For the first time in more than 20 years, I took on a Chairman’s role last year to help Virgin Hyperloop One through a transitional period. We have since secured key agreements in India, Spain and are working with a number of US States to further develop this exciting technology.

“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. 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,” he added.

Commenting on the announcement, Sultan Ahmed Bin Sualyem, Group chairman and CEO of DP World, the biggest investors in Hyperloop technology, said: “As the first major investor in Jeddah port 20 years ago we are committed to supporting the Kingdom’s effort to grow its economy.

“Trade and infrastructure are key pillars in enabling growth supported by technology and automation and we are working closely with the Saudi government to explore new opportunities for development. As partners with them, we are committed to supporting the Saudi Vision 2030 launched last year by HRH Crown Prince Mohammed bin Salman bin Abdulaziz.”

Bin Sulayem who is also a board member of Virgin Hyperloop One, added: “We aim to add value to nations for the long term, delivering innovative and sustainable solutions for the benefit of all.  DP World is the largest shareholder in Virgin Hyperloop One because we see the need for a hyperloop-enabled cargo network under the CargoSpeed brand, launched earlier this year, to support rapid, on-demand deliveries globally. This technology serves our vision to enable smarter trade globally.” – TradeArabia News Service