Virgin GalacticThursday, announced that the Chairman Chamath PalihapitiyaSpace tourism company board member, is retiring effective immediately.

Palihapitiya’s SPAC (special purpose acquisition company) took Virgin Galactic public in October 2019. The company’s stock has experienced volatile trading since then – climbing above $60 a share in the months ahead of Sir Richard Branson’s test spaceflightHowever, it has fallen back to its initial public price the beginning of commercial service delayed more than two yearsBased on what company had forecast.

Former chairman sold his personal Virgin Galactic stake in early 2021At the time, it was worth more than $200 millions. However, Palihapitiya in indirect ownership of 15.8 million shares via Social Capital Hedosophia Holdings.

Palihapitiya stated that he will be leaving the company “to concentrate on other existing public board responsibilities”, but that he was “proud” to have left “the team in such capable hands” as well as looking forward to flying “one day to space” with them.

Virgin Galactic stock rose by about 2.2% premarket trading, compared to its prior close of $9.01 per share.

We knew that the moment would arrive when Chamath would focus on new pursuits and projects. In a statement, Michael Colglazier, Virgin Galactic CEO said that Chamath was a great asset to our company. He also wishes him every success.

According to the company, Evan Lovell from Virgin Galactic Board will be acting as interim chair. A new chair is expected to be chosen later.

Virgin Galactic’s stock rose 0.4% during premarket trading on Friday.