Sir Richard Branson has stepped down from his role as chairman of Virgin Hyperloop One, saying the company "needs a more hands-on chairman."
DP World statement said Branson was stepping down due to the increased commitment of time the position requires.
Following the resignation Branson DP World, the largest shareholder in Hyperloop, said it was looking for a new chairman to take the company to the next stage of growth.
Commenting on the announcement, Sultan Ahmed Bin Sualyem, Group Chairman and CEO of DP World, 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,” he said.
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.”