Since he joined the company as managing director of the frequent flyer program, Virgin Freeway, the airline has grown from two 747 planes to a fleet of 40 long-haul aircraft. It now flies 6 million passengers a year around the world.
Ridgway, 60, said in a statement he's seen "many great times and a few bad" and said the airline must continue to offer something different than its competitors. The executive is leading the search for his successor.
Branson called Ridgway a "close friend and confidant" and said he'll likely be involved in future Virgin projects.
Virgin Atlantic has been 49 percent owned by Singapore Airlines since 2000, in a deal that valued the airline at 1.23 billion pounds ($1.97 billion).
(Copyright 2012 The Associated Press. All rights reserved.)