Hyperloop One (formerly Virgin Hyperloop One) has the appointment of Sultan bin Sulayem, group chairman and CEO of DP World, as its new chairman.
Bin Sulayem assumes the role just days following the resignation of Sir Richard Branson as chairman of the hyperspeed rail development company.
Hyperloop One also announced that Jay Walder, one of the world's leading mass transportation and technology executives, had been appointed as CEO.
Walder will also join the company's Board of Directors, the Dubai Media Office announced.
Walder replaces Rob Lloyd, who served as CEO for more than three years, alongside Branson as chairman.
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.
“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,” said Bin Sulayem.
The senior management appointments bring the company under the direct leadership of DP World, which in April signed a MoU with Virgin Hyperloop One to be the cargo carrying arm of the company as DP World CargoSpeed.
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 initially focusing on developing a route between Pune and Mumbai.
If the Indian government awards it a concession for the project, the company expects to start constructions on the 11 km test loop in 2019.
When completed, Hyperloop One will be able to reduce the travel time between Mumbai and Pune from about 4 hours to 25 minutes.