Exhibit 99.1
Virgin Galactic Announces Changes to Board of Directors
Virgin Group Executive Evan Lovell Appointed Chair of the Board of Directors
Former U.S. Secretary of the Navy Raymond Mabus, Jr. to Join Board as Lead Independent Director
Former Global Investment Manager Diana Strandberg to Join as New Director
Board Members Bring Strong Mix of Expertise, Industry Experience and Diverse Perspectives
TUSTIN, Calif. – April 25, 2023 – Virgin Galactic Holdings, Inc. (NYSE: SPCE) (the “Company” or “Virgin Galactic”) today announced several changes to Virgin Galactic’s Board of Directors including the appointment of two new directors. The Company also announced that Virgin Group’s Chief Investment Officer, Evan Lovell, has been appointed Chair of the Board of Directors, effective April 21. Lovell has served as the Company’s interim chair since February 2022 and as a member of the Company’s Board since October 2019. He is a seasoned private equity investor and operator, having invested and participated in global private equity and M&A over the past 20 years.
The Company also appointed two new directors: Raymond Mabus, Jr. and Diana Strandberg, with Mabus serving as Virgin Galactic’s Lead Independent Director. Mabus brings extensive public sector experience to the role having served as U.S. Secretary of the Navy from 2009 to 2017 and as the Governor of Mississippi. Strandberg recently retired from a distinguished career at global investment manager, Dodge & Cox, most recently holding the role of Senior Vice President and Director, International Equity and as an Executive Board Member.
Michael Colglazier, Chief Executive Officer of Virgin Galactic said: “We are thrilled to have Evan appointed as our Chair of the Board and to welcome Ray and Diana as new Board members. Evan has been an important member of our board for many years, and his experience with the Virgin Group will continue to be a strong asset going forward. Ray and Diana’s dynamic and complementary expertise in capital markets, international business and government will greatly benefit Virgin Galactic as we launch and grow our global commercial spaceline.”
Lovell said: “I am honored to be appointed as Board Chair at such an exciting time for Virgin Galactic. With the launch of commercial service, we are poised for great things, and it’s a privilege to serve in this role alongside my fellow directors as we embark on a new, growth-oriented chapter.”
Additionally, on April 21, 2023, directors Adam Bain and George Mattson notified the Board that they plan to retire from the Board at the end of their current terms and will not stand for re-election at the Company’s Annual Shareholder Meeting.
Colglazier said: “Adam and George have been deeply committed and highly valued members of our Board for many years. The business is stronger for their thoughtful counsel and expertise through key milestones, including the Company’s public listing and the development of our growth strategy and roadmap. We thank them for their excellent service and wish them all the best.”
About Evan Lovell
Mr. Lovell, 53, has served as Chair of the Company’s Board of Directors since April 2023 (after serving as Interim Chair since February 2022) and has served on the Board of Directors since October 2019. Mr. Lovell has been a Partner of Virgin Group Holdings Limited and its affiliates (collectively, the “Virgin Group”) since October 2012 and is responsible for managing the Virgin Group’s investment team
