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SPCE Stock Up 1% Now as Virgin Galactic Changes CEO, Bringing on Disney’s Michael Colglazier

Space tourism company Virgin Galactic Holdings Inc (NYSE: SPCE) has announced appointing a new CEO. Starting from July 20, Michael Colglazier, President and Managing Director of the Walt Disney Company (NYSE: DIS) Parks International, will be in charge of Virgin Galactic. George Whitesides, the CEO of Virgin Galactic in office, will step aside and get a new role — Chief Space Officer.

George Whitesides was the first CEO of both Virgin Galactic and The Spaceship Company (a subsidiary focusing on Virgin spacecraft manufacture). Before joining Virgin Galactic, he served as the Executive Director of the National Space Society. In addition, Whitesides occupied the position of Chief of Staff at National Aeronautics & Space Administration and Director-Global Future Council at The World Economic Forum USA, Inc.

Virgin Galactic founder Richard Branson stated:

“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.”

At a new position, Whitesides will focus on Virgin Galactic’s future business prospects. They include point-to-point hypersonic travel and orbital space travel. Besides, he will chair the company’s Space Advisory Board.

As for the new CEO, Michael Colglazier has spent over thirty years at Disney, developing and growing consumer-oriented multi-billion dollar businesses strategically, commercially, and operationally.

He 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.”

Following the news, Virgin Galactic stock jumped. On July 15, SPCE closed 0.60% up, at $18.55 per share. After hours, it added 3.99% to $19.29. In the pre-market today, Virgin Galactic shares are trading $18.76, up nearly 1%. Virgin Galactic’s market cap has totaled $3.88 billion.

Year-to-date, Virgin Galactic stock is 60.61% up. This growth results from positive news the company is delivering. Last month, Virgin Galactic signed a deal with NASA, which allowed it to educate astronauts for traveling to the International Space Station. Now, Virgin Galactic is getting ready for full rocket-powered flights. They will definitely bring SPCE stock to new highs.

SPCE Stock Up 1% Now as Virgin Galactic Changes CEO, Bringing on Disney’s Michael Colglazier

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