Dubai - Walder will also join the company's Board of Directors, Dubai Media Office announced in a series of tweets.
Published: Sat 10 Nov 2018, 10:00 PM
Updated: Sun 11 Nov 2018, 9:44 AM
Hyperloop One announced on Saturday that Sultan bin Sulayem, Group Chairman and CEO of DP World, has been elected as its new Chairman, following the resignation of Sir Richard Branson last month.
The only company that has developed a full scale hyperloop system also appointed Jay Walder - one of the world's leading mass transportation and technology executives - as its new CEO.
Walder will also join the company's Board of Directors, Dubai Media Office announced in a series of tweets today.
He will replace Rob Lloyd, who served as CEO for more than three years.
The selection of a new senior management team will allow Hyperloop One to transition its focus from technology startup to mass transportation company beginning with the implementation of the world's first hyperloop system running from Pune to Mumbai in India, the statement added.
Commenting on Walder's appointment, Sulayem said: "As we enter uncharted territory in implementing an entirely new kind of mass transportation system, we needed a leader with a deep understanding of public transportation, we could not have found a more ideal candidate than Jay Walder.
Earlier this year, Richard Branson quit as chairman of Virgin Hyperloop One, saying the company, that plans to build a supersonic transport system in the UAE and other countries, needs a more actively involved leader, the firm had said in October.
"At this stage in the company's evolution, I feel it needs a more hands-on Chair, who can focus on the business and these opportunities," the statement quoted Branson as saying.
"It will be difficult for me to fulfill that commitment as I already devote significant time to my philanthropic ventures and the many business within the Virgin Group."
In April 2018, DP World and Virgin Hyperloop One had signed a memorandum of understanding with initial focus in phase 1 on moving containers from ships docked at Jebel Ali Port via hyperloop tube to a new inland container deposit in Dubai.
Traveling at nearly 1,200 kmph, DP World Cargospeed systems, enabled by Virgin Hyperloop One technology, will transport high-priority, time-sensitive goods including fresh food, medical supplies, electronics, and more. The company is also looking to develop a project between Dubai and Abu Dhabi which will reduce the travel distances between the two emirates less than 15 minutes.
The company is focusing on a major current project in India, where the government has recently declared the Pune-Mumbai hyperloop project as a public infrastructure project with international consortium DP World and Virgin Hyperloop One as the original project proponent.
If the government ultimately awards it a concession for the project, the company expects to start constructions on the 11 km test loop in 2019. When completed, hyperloop can reduce the travel time between Mumbai and Pune from about 4 hours to 25 minutes.
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