UPDATE 1-Chamath Palihapitiya to step down as Virgin Galactic's chairman

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Spaceship company Virgin Galactic Holdings Inc said on Friday that venture investor Chamath Palihapitiya would step down from his roles as chairman and board member to focus on other corporate commitments. The company's board appointed director Evan Lovell as interim chairman until a new chair is in place. Palihapitiya joined Virgin Galactic's board as its first chairman when the company went public in 2019.