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Sir Richard Branson may be well past retirement age at 73 years old, but the risk-loving entrepreneur shows no sign of slowing down.<\/p>\n
Even still, the Virgin Group CEO appears to be getting his affairs in order to ensure his crown jewel, Virgin Atlantic, stays in the family long after he\u2019s gone.<\/p>\n
In an interview with The Times of London<\/em><\/a>, <\/em>73-year-old Branson indicated he is one of several aging CEOs undergoing succession planning as part of the multitrillion-dollar wealth transfer set to occur over the next 30 years.<\/p>\n As part of that transfer, Branson wants to hand the keys of his airline to his 42-year-old daughter Holly and his 39-year-old son Sam.<\/p>\n \u201cI plan to keep it in the family and they plan to keep it in the family,\u201d Branson told The Times.<\/em><\/p>\n Virgin Atlantic is 51% owned by the Virgin Group, Branson\u2019s parent organization, which controls its transport and media ventures. Delta Airlines owns the remaining shares.<\/p>\n Holly is Virgin Group\u2019s chief purpose and vision officer<\/a>, while Sam is an informal advisor to his dad\u2019s organization. Shai Weiss, a long-time Virgin Group employee, took over as Virgin Atlantic\u2019s CEO in 2019.<\/p>\n Over the years the question of who will take the reins of Branson\u2019s multibillion-dollar corporate empire has slowly crept into his interview talking points.<\/p>\n \u201cWe have serious discussions as a family about how the company can transform hopefully thousands of people\u2019s lives in the years to come and hopefully in the centuries to come,\u201d he told the BBC in 2023.<\/p>\n Virgin Atlantic, which boasts<\/a> a 41-jet fleet, brought in record revenues of \u00a33.1 billion ($3.9 billion) in 2023, driving the airline to \u00a3352 million ($447 million) in profits.\u00a0<\/p>\n The airline has overcome a few bumps before landing in a more comfortable financial spot, including needing a bailout in the wake of the COVID-19 pandemic.<\/p>\n As well as casting a new eye over his legacy, Branson has become more circumspect about his wealth as he edges closer to retirement.\u00a0<\/p>\n The billionaire recently questioned the use of wealth as a barometer of success.<\/p>\n Speaking to CNBC Make It <\/em>in May, the septuagenarian said \u201cMaybe in America, \u2018billionaire\u2019 is a sign of success, but that rankles me,\u201d adding it would be sad if people were living life for the paycheck.<\/p>\n \u201cPaying the bills at the end of the year is important, but what entrepreneurs are doing all over the world today\u2014and the only reason they\u2019re succeeding\u2014is that they\u2019re making a difference in other people\u2019s lives,\u201d Branson said. \u201cAnd that\u2019s all that really matters.\u201d<\/p>\n However, Branson will surely have noticed a sharp decline to his net worth in recent years, particularly if it means the size of the pot he leaves for his offspring is shrinking.<\/p>\n According to the latest Sunday Times Rich List<\/em>, Branson\u2019s net worth<\/a> last year fell back to levels last seen in 2000, dipping to \u00a32.4 billion ($3 billion).<\/p>\n Some of Branson\u2019s companies, including Virgin Galactic, have plummeted in value, while companies backed by Branson that went public via a SPAC have also declined in worth. In all, his net worth has tumbled by more than half<\/a> since 2021.<\/p>\n<\/div>\n