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The result was a turnround from their only previous meeting, at last year's U.S.

Replacing him as chairman is Mike McTighe, a former chief of global operations at Cable & Wireless, who has a reputation as a turnround specialist.

As a monthly with 20 full-time staff, Project will be more static than the Daily with its 24-hour turnround and staff of 100, although Branson promises regular updates and additional content.