Richard Branson has stepped down from his position as chairman of Virgin Hyperloop One, Reuters reports.
Branson stepped down to make room for a chairman who is able to be more directly involved with the operations of the company, he said in a statement.
“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,” Branson said.
“It will be difficult for me to fulfil that commitment as I already devote significant time to my philanthropic ventures and the many businesses within the Virgin Group.”
Virgin Hyperloop One told The Verge that another Virgin group executive would assume the role, and the company would continue to work with the Virgin Group to advance its projects.