Sir Richard Branson may be past retirement age at 73, but the risk-loving businessman shows no sign of slowing down.
However, it appears that the Virgin Group CEO is taking matters into his own hands in order to ensure that the crown jewel, Virgin Atlantic, remains in the family long after he is gone.
In an interview with Times of London, Branson, 73, noted that he is one of several aging CEOs undergoing succession planning as part of a multi-trillion-dollar wealth transfer that is set to take place over the next 30 years.
As part of the transition, Branson wants to hand over the keys of his airline to his 42-year-old daughter Holly and 39-year-old son Sam.
“I plan to keep it in the family and they plan to keep it in the family,” Branson said. times.
Virgin Atlantic is 51% owned by Virgin Group, Branson's parent organization, which controls its transportation and media ventures. Delta Air Lines owns the remaining shares.
Holly is a Virgin group Officer main goal and visionWhile Sam works as an unofficial 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 would take the reins of Branson's multibillion-dollar business empire slowly crept into his interview talking points.
He told the BBC in 2023: “We are having serious discussions as a family about how the company can change the lives of thousands of people in the coming years, and hopefully centuries to come.”
Virgin Atlantic, which Be proud A fleet of 41 aircraft generated record revenues of £3.1 billion ($3.9 billion) in 2023, pushing the airline to a profit of £352 million ($447 million).
The airline overcame some hurdles before landing in a more comfortable financial position, including the need for a rescue plan in the wake of the Covid-19 pandemic.
In addition to taking a fresh look at his legacy, Branson has become more cautious about his wealth as he approaches retirement.
The billionaire recently questioned the use of wealth as a measure of success.
Talking to CNBC Make it In May, the septuagenarian said: “Maybe in America, ‘billionaire’ is a sign of success, but that bothers me,” adding that it would be sad if people lived life for the paycheck.
“Paying the bills at the end of the year is important, but what entrepreneurs around the world are doing today — and the only reason they are successful — is that they are making a difference in the lives of others,” Branson said. “And that's all that really matters.”
However, Branson has certainly noticed a sharp decline in his net worth in recent years, especially if it means the pot he leaves to his descendants is shrinking.
According to another Sunday Times Rich ListBranson's net worth fell last year to levels last seen in 2000, falling to £2.4 billion ($3 billion).
The value of some of Branson's companies, including Virgin Galactic, has declined, while the value of Branson-backed companies that went public via SPAC has also declined. Overall, his net worth has more than halved since 2021.