Virgin Atlantic Starts Chairman Search Ahead of Possible IPO
Virgin Atlantic Starts Chairman Search Ahead of Possible IPO
(Bloomberg) -- Virgin Atlantic Airways Ltd. is searching for a candidate to take over as chairman in the event plans for an initial public offering go ahead, a person with knowledge of the situation said.
A London listing would compel current Chairman Peter Norris to stand down since he occupies the same post at Virgin Group, owned by the carrier’s founder and majority investor Richard Branson, according to the person, who asked not to be named discussing a private matter.
Virgin Atlantic has appointed headhunting firm Korn Ferry to identify potential independent directors and a chair, the person said. However, a decision to push back any IPO into 2022 means the search isn’t currently a priority, they said. The airline is focused on rebuilding its business as the surprise lifting of a U.S. ban on European visitors spurs bookings, Bloomberg reported last week.
A Virgin Atlantic spokeswoman declined to comment.
The carrier, founded in 1984, has never sold stock to the public. Virgin Group owns a 51% stake with the rest held by Delta Air Lines Inc.
Sky News reported on the chairman search earlier.
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