Sir Richard Branson may be long retired at 73, but the risk-taking entrepreneur shows no signs of slowing down.
However, the Virgin Group CEO appears to be minding his own business to ensure that his crown jewel, Virgin Atlantic, remains in the family long after he’s gone.
In an interview with London Times, Branson, 73, noted that he is one of several aging CEOs undergoing succession planning as part of the multitrillion-dollar wealth transfer expected to occur over the next 30 years.
As part of the transfer, Branson wants to hand over the keys to 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. Time.
Virgin Atlantic is 51% owned by Virgin Group, Branson’s parent organization, which controls its transportation and media businesses. The remaining shares are owned by Delta Airlines.
Holly is owned by Virgin Group Chief Goals and Vision Specialist, and Sam is an unofficial advisor to his father’s organization. Shai Weiss, a long-time Virgin Group employee, 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 corporate empire gradually became a talking point in his interviews.
“We’re 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,” he told the BBC in 2023.
Virgin Atlantic, which boasts The fleet of 41 aircraft generated record revenues of £3.1 billion ($3.9 billion) in 2023, resulting in a profit for the airline of £352 million ($447 million).
The airline overcame several obstacles before finding itself in a more comfortable financial situation, including needing financial assistance in the wake of the COVID-19 pandemic.
As he approaches retirement, Branson has not only taken a fresh look at his legacy, but also become more cautious about his wealth.
A billionaire recently questioned the use of wealth as a barometer of success.
Talking to CNBC Do it in May, the septuagenarian said: “Maybe in America the word ‘billionaire’ is a sign of success, but it annoys me,” adding that it would be sad if people lived their lives for a paycheck.
“Paying the bills at the end of the year is important, but what entrepreneurs are doing all over the world today – and the only reason they are successful – is because they make a difference in other people’s lives,” Branson said. “And that’s all that really matters.”
However, Branson has certainly seen a sharp decline in his net worth in recent years, especially if it means the size of the bank he leaves to his offspring is shrinking.
According to the latest Sunday Times rich listBranson’s net worth fell last year to levels last seen in 2000, falling to 2.4 billion pounds ($3 billion).
Some of Branson’s companies, including Virgin Galactic, have plummeted in value, while Branson-backed companies that went public through SPACs have also fallen in value. Overall, his net worth has more than halved since 2021.