Stock Alert: Virgin Galactic Rises 12% As Co. Names New CEO

(RTTNews) - Shares of space flight company Virgin Galactic Holdings, Inc. (SPCE) are climbing more than 12% Thursday morning at $20.88. The stock has been trading in the range of $6.90- $42.49 in the past 52 weeks.

The company Wednesday said it has appointed Michael Colglazier, the former president and managing director of Disney Parks, as Virgin Galactic's Chief Executive Officer, effective July 20.

Colglazier is replacing George Whitesides, who will assume the post of Chief Space Officer.

"I believe Michael's long and distinguished career at one of the world's leading customer experience brands provides a natural fit with Virgin's culture as well as Galactic's requirements as it prepares for commercial service," Sir Richard Branson, founder of the company said.