Virgin Galactic Holdings (NYSE:SPCE) said its stock surged after it said it was on track for a commercial launch in the second quarter of 2023.
Virgin Galactic announced its updated leadership structure to support commercial spaceline operations, which are on track for Q2 2023 as previously announced by the Company. The organizational changes will support the Company's core near-term objectives of delivering increased flight frequency and executing on rapid fleet development plans.
As part of this leadership update, Swami Iyer, President, Aerospace Systems, will be departing from his position, effective January 12, 2023. He will continue to serve as an advisor to CEO Michael Colglazier, until March 3, 2023 to ensure a smooth transition.
"With the completion of the enhancement program for our mothership at hand, our streamlined leadership structure will help propel the business forward as we prepare for commercial spaceline operations," said Colglazier.
"Swami has been instrumental in establishing our future production strategy and in leading the work to prepare our initial ships for commercial flight, and we are incredibly grateful for his contribution. Our experienced leadership team brings deep expertise to the next exciting phase for the Company – flying our customers safely and regularly to space and expanding our future fleet."
Virgin Galactic, according to its website, is “pioneering human spaceflight for private individuals and researchers with its advanced air and space vehicles. It is developing a spaceflight system designed to connect the world to the love, wonder and awe created by space travel and to offer customers a transformative experience.”
SPCE hiked 68 cents, or 14.7%, to $5.30.
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