Mon, Aug 01, 2011
Kenneth Sunshine Will Serve As Chief Financial Officer
Sir Richard Branson has announced that Kenneth H. Sunshine will
be Virgin Galactic's first chief Financial officer. In this newly
created role, Sunshine will be responsible for managing the
company’s financial strategy, driving growth and overseeing
all finance and accounting functions as Virgin Galactic transitions
from a development project to a commercially operational
business.
Prior to joining Virgin Galactic, Sunshine served as Chief
Financial Officer at MDA Information Systems. He has also
previously worked as CFO of the National Institute of Aerospace,
CFO of Aurora Flight Sciences, Senior Vice President of Finance at
Orbital Science Corporation, and as an engineer at Draper
Laboratories. Sunshine received an MBA from the Wharton School at
University of Pennsylvania and an engineering degree from Tufts
University.
“We are delighted that Ken has agreed to join the company
as our first Chief Financial Officer as we transition toward
commercial operations," said Virgin Galactic President and CEO
George Whitesides. "Ken brings with him a wealth of experience in
the space business, including strategic planning, fundraising
through the capital markets, and mergers and acquisitions. He has
implemented and managed a variety of financial structures,
including successful IPOs.”
Sunshine joins Virgin Galactic as a well-capitalized business at
a momentous period in its development. Test flying of the first
SpaceshipTwo is well underway and the company’s future home
at Spaceport America in New Mexico is at an advanced stage of
construction. In addition, Virgin Galactic has taken over 440
deposits from future astronauts totaling $58 million, representing
$88 million worth of future revenue.
Commenting on his appointment, Ken Sunshine added: “Virgin
Galactic is the clear leader in the new commercial manned space
industry, and as such, I can think of nowhere I would rather be
working. I join a company which is properly funded by Virgin Group
and Aabar Investments PJS, with proven technology, and an
impressive order book of future astronauts. I very much look
forward to playing a full part in bringing this incredible project
to fruition with a particular focus on its commercial success
– not only to deliver value to our shareholders but to help
pave the way for a new and thriving industry.”
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