Long Beach, California-based Virgin Orbit, a spin-off of Richard Branson’s Virgin Galactic space tourism venture, has announced that it will cease operations and lay off the majority of its staff due to its inability to find additional funding for the enterprise.
The decision will impact 675 employees, or approximately 85% of the company’s workforce.
CEO Dan Hart observed, “Virgin Orbit is ceasing operations’ for the foreseeable future’ after failing to secure a funding lifeline. The company will lay off nearly all of its workforce. We have no choice but to implement immediate, dramatic, and extremely painful changes.
“This company, this team — all of you — means a hell of a lot to me. And I have not, and will not, stop supporting you, whether you’re here on the journey or if you’re elsewhere.”
Some employees were upset when they found out that the board of directors approved a “golden parachute” severance plan for top executives in case they are terminated “following a change in control” of the company on the day they announced the layoffs.
Change is coming. There will always be a tomorrow, no matter how much you may try to ignore it. There are no guarantees in life or promises for a bright future. We see good people being laid off through no fault of their own. Just because something bad hasn’t happened yet, doesn’t mean it won’t. It can happen to anyone, anytime, anywhere. No one is guaranteed to wake up tomorrow and still have a job by evening. Are you now wondering, Am I Next?