Lloyd will go from heading the networking giant as president to a company of 50 staff. His other experience at the company includes overseeing worldwide operations, Canada and Japan operations, as well as Europe, Middle East and Africa. In addition to joining as CEO, Lloyd is an investor in the company and will be joining the board of directors.

Hyperloop Technologies, which has $10 million in seed money and expects another $80 million in second round funding, also announced on Wednesday that it was expanding its headquarters in downtown LA by adding three acres and 55,000 square feet of space.

“I’m hugely impressed by the team and the vision of this company and the brilliant team committed to making the hyperloop a reality“, said Lloyd. It’s smaller than Hyperloop Transportation Technologies, which boasts 400 employees and already has secured a five-mile plot of land in central California to build the first full-scale passenger hyperloop.

The company aims to complete its Hyperloop test track next year, but Lloyd said that it will be a few more years before the company has one that will travel hundreds of miles between cities.

“Hyperloop will become a global network of connected technologies except we will be moving atoms, not bits, and will do so faster, cheaper, safer and greener”, he wrote.

“When I founded this company with Brogan BamBrogan in 2014, we knew that when the time was right we would need a world-class operator to lead it”, said Shervin Pishevar, co-founder, Hyperloop Technologies Inc.in a statement. “Developing the most transformative new mode of transportation that the world has seen in decades will have a profound impact on people, on economies and on how we all live in the future”, wrote Mr. Lloyd on the company blog.

The firm, relying on the crowdsourcing approach, expects to announce major technology developments and partnerships next year. “His design called for aluminum pods that could hold people or cars that would be fired through tubes pulled by electromagnetic force”, reported The Christian Science Monitor earlier this year. The similarly named Hyperloop Transportation Technologies has assembled a team of engineers from across the United States to develop the technology for a Los Angeles to San Francisco line.

Lloyd will replace co-founder Brogan BamBrogan as CEO, who will move to the role of CTO.

“It’s rare as an engineer to have the chance to solve really big problems – and while building the hyperloop is a massive undertaking, it is now an engineering certainty”.

The test track that is scheduled to be ready by late 2016, if a success, will lead to Hyperloop partnering up with governments around the world to build real, functioning Hyperloops. “We look forward to 2016 being our Kitty Hawk moment”.