Virgin Galactic (SPCE) - Get Report named Doug Ahrens chief financial officer, succeeding Jon Campagna, who the space tourism company said stepped down after guiding its transition from a private to public company.
"Doug’s deep experience helping global manufacturing companies scale and grow, combined with his tremendous capital markets and M&A expertise, will be incredibly valuable as we expand our production capabilities and work to monetize the business," Virgin Galactic Chief Executive Michael Colglazier said in a statement.
Ahrens has more than 25 years of operational and strategic finance experience, most recently serving as CFO of semiconductor company Mellanox before it was acquired by graphics-chip specialist Nvidia (NVDA) - Get Report in 2020.
Ahrens said he looked forward "to being a part of this exceptional team as it makes history in the evolution of human spaceflight."
Last month, Abu Dhabi's sovereign-wealth fund, Mubadala Investment, reduced its stake in the company to 11.8 million shares, or 5.04%, from 14.9 million shares, or 7.08%, Virgin Galactic, Las Cruces, N.M., disclosed in a regulatory filing.
Mubadala remains Virgin's third largest shareholder, according to S&P Capital, Barron's reported.
In December, Virgin Galactic said in a regulatory filing that holders might sell up to nearly 113 million shares following the end of a lockup period.
Virgin is scheduled to release its quarterly results after the closing bell Thursday with analysts surveyed by FactSet expecting a GAAP net loss of 32 cents a share, or an adjusted 30 cents, on revenue of about $500,000.
Virgin Galactic shares at last check were down 1.5% to $45.42.