Sir Richard Branson may be well past retirement age, at 73, but the risk-loving entrepreneur shows no signs of slowing down.
Still, the Virgin Group CEO appears to be minding his business to ensure his crown jewel, Virgin Atlantic, stays in the family long after he’s gone.
In an interview with London weather, Branson, 73, said he was one of several aging CEOs planning their succession as part of the multibillion-dollar wealth transfer expected to take place over the next 30 years.
As part of this transfer, Branson wants to hand over the keys to his airline to his daughter Holly, 42, and his son Sam, 39.
“I plan to keep it in the family and they plan to keep it in the family,” Branson said. The temperature.
Virgin Atlantic is 51% owned by Virgin Group, Branson’s parent organization, which controls its transportation and media businesses. Delta Airlines owns the remaining shares.
Holly is from the group Virgin responsible for purpose and vision, while Sam is an informal advisor to his father’s organization. Long-time Virgin Group employee Shai Weiss took over as CEO of Virgin Atlantic in 2019.
Over the years, the question of who will take the reins of Branson’s multibillion-dollar business empire has slowly crept into the talking points of his interviews.
“We are having serious discussions as a family about how the business can hopefully transform the lives of thousands of people in the years to come and hopefully in the centuries to come,” he said. he told the BBC in 2023.
Virgin Atlantic, which is bragging a fleet of 41 aircraft, generated record revenue of £3.1 billion ($3.9 billion) in 2023, taking the airline to £352 million ($447 million) of profits.
The airline overcame some obstacles before finding itself in a more comfortable financial position, including needing a bailout in the wake of the COVID-19 pandemic.
In addition to taking a new look at his heritage, Branson has become more circumspect about his wealth as he gets closer to retirement.
The billionaire recently questioned the use of wealth as a barometer of success.
Talk to CNBC succeeds In May, the septuagenarian said, “Maybe in America ‘billionaire’ is a sign of success, but it bothers me,” adding that it would be sad if people lived for their paycheck.
“Paying the bills at the end of the year is important, but what entrepreneurs everywhere are doing today – and the only reason they are successful – is because they are making a difference in lives of others,” Branson said. “And that’s all that really matters.”
However, Branson will surely have noticed a big drop in his net worth in recent years, especially if it means the size of the pot he leaves to his brood is shrinking.
According to the last Sunday Times Rich List, Branson’s Net Worth last year it returned to levels last seen in 2000, falling to £2.4 billion ($3 billion).
Some of Branson’s companies, including Virgin Galactic, have fallen in value, while the value of Branson-backed companies that went public through a SPAC has also declined. Overall, his net worth dropped more than half since 2021.
