. Space Travel News .

Virgin Galactic Appoints Its First Chief Financial Officer
by Staff Writers
Pasadena CA (SPX) Aug 01, 2011

Virgin Galactic is on track to become the world's first commercial spaceline. The new spaceship (VSS Enterprise) and mothership (VMS Eve) are both being developed for Sir Richard Branson's Virgin Galactic by Mojave based Scaled Composites.

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.

Virgin Galactic President and CEO George Whitesides said: "We are delighted that Ken has agreed to join the company as our first Chief Financial Officer as we transition toward commercial operations.

"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."

Virgin Galactic is on track to become the world's first commercial spaceline. The new spaceship (VSS Enterprise) and mothership (VMS Eve) are both being developed for Sir Richard Branson's Virgin Galactic by Mojave based Scaled Composites.

Founded by Burt Rutan, Scaled developed SpaceShipOne, which in 2004 claimed the $10m Ansari X Prize as the world's first privately developed manned spacecraft. Virgin Galactic's new vehicles share much of the same architecture but are being built to carry six passengers and two pilots on commercial sub-orbital spaceflights, allowing an out-of-seat zero gravity experience and offering astounding views of the planet from the black sky of space.

The test flight program for the new vehicles is well underway and will continue prior to the start of commercial operations which will be based at Virgin Galactic's headquarters at Spaceport America in New Mexico.

In July 2009, Virgin Galactic announced that it had sold a 32% stake in the company to Abu Dhabi based Aabar Investments PJS for $280 million.

Related Links
Virgin Galactic
Space Tourism, Space Transport and Space Exploration News

Get Our Free Newsletters Via Email
Buy Advertising Editorial Enquiries

. Comment on this article via your Facebook, Yahoo, AOL, Hotmail login.

Share this article via these popular social media networks
del.icio.usdel.icio.us DiggDigg RedditReddit GoogleGoogle

Unfasten your seatbelts aboard the ZERO-G
Le Bourget, France (AFP) June 23, 2011
What child has not dreamed of breaking free from gravity's chains and floating, weightless, above Earth's surface? That fantasy, long-since dismissed in the adult mind as a violation of Nature, came true this week for a small group of scientists, French parliamentarians and journalists, including this reporter. The lucky few experienced a dozen 30-second episodes of pure, head-spinning z ... read more

Inmarsat Selects ILS Proton For Inmarsat-5

United Launch Alliance Saves Money with First Combined Atlas and Delta Shipments on Mariner

Russia sends observation satellite into space

NASA inks agreement with maker of Atlas V rocket

NASA's Next Mars Rover to Land at Gale Crater

Opportunity Closing In On Spirit Point At Endeavour Crater

MAVEN Mission Completes Major Milestone

NASA says Mars mountain will read like 'a great novel'

Moon's mountains made by slo-mo crash: study

Unique volcanic complex discovered on Lunar far side

Moon Express Announces Dr. Alan Stern as Chief Scientist

Northrop Grumman Honored by IEEE for Development of Lunar Module

Hubble telescope spots tiny fourth moon near Pluto

NASA's Hubble Discovers Another Moon Around Pluto

Neptune Completes First Orbit Since Discovery In 1846

Clocking The Spin of Neptune

Exoplanet Aurora Makes For An Out-of-this-World Sight

Distant planet aurorae modeled

Exoplanet Aurora: An Out-of-this-World Sight

Ten new distant planets detected

Ball Aerospace Develops Flight Computers for Next-Generation Launch Vehicles

New Russian carrier rockets to the Moon

Gantry's First Splash Test Is a Booming Success

NASA Begins Testing of Next-Gen J-2X Rocket Engine

Why Tiangong is not a Station Hub

China to launch experimental satellite in coming days

Spotlight Time for Tiangong

China launches new data relay satellite

Dawn Spacecraft Begins Science Orbits of Vesta

Another step closer to Vesta

SOHO Watches a Comet Fading Away

Dawn Views Dark Side of Vesta

Memory Foam Mattress Review
Newsletters :: SpaceDaily Express :: SpaceWar Express :: TerraDaily Express :: Energy Daily
XML Feeds :: Space News :: Earth News :: War News :: Solar Energy News

The content herein, unless otherwise known to be public domain, are Copyright 1995-2011 - Space Media Network. AFP and UPI Wire Stories are copyright Agence France-Presse and United Press International. ESA Portal Reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. Advertising does not imply endorsement,agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. Privacy Statement