- Stuart Simpson, CFO of Vertical Aerospace and seasoned FTSE100 executive, said:
His appointment as CEO comes as the company transitions into the pivotal phase of VX4 aircraft certification.
Commercialization. - Founder and current CEO Stephen Fitzpatrick continues to serve as a member of the Board of Directors.
Focus on business strategy and communicate the company's vision. - Ben Story brings 30 years of fundraising, business strategy and leadership experience.
Experience working at Rolls-Royce, Citi and Transport for London.
vertical board.
Vertical Aerospace Ltd. (“Vertical” or the “Company”) (NYSE: EVTL, EVTLW), a global aerospace and technology company leading zero-emission aviation, has made several leadership appointments as the Company moves toward a pivotal step in certification. Yes. VX4 aircraft and commercialization.
Stuart Simpson, Vertical's CFO and a seasoned FTSE100 executive with 30 years of leadership roles in technology, automotive and logistics, has been appointed CEO, effective immediately. He will be responsible for leading the execution of the company's strategy toward certifying the VX4 aircraft, bringing it to market, and initiating additional financing activities.
Having recently invested additional capital in the company, founder and current CEO Stephen Fitzpatrick continues to play an important role at Vertical as a member of the Board of Directors, with a focus on business strategy and working with management to deliver the company's vision. will do.
Stuart joined Vertical Aerospace in 2023 from Avast, a FTSE100 global leader in digital security and privacy. He was Group CFO at Avast and part of the leadership team responsible for its $9 billion merger with NortonLifeLock in 2021.
Previously, Stuart held interim CEO, CFO and COO roles at Royal Mail Group, overseeing the group's return to the FTSE100 during his tenure. At the same time, he was a member of the Board of Directors of GLS Group, a technology-driven global courier service provider.
Stuart also has extensive automotive industry experience, both in the UK and internationally, having held several director roles at General Motors globally and senior positions at Rolls Royce and Bentley Motor Car Company. The process to appoint a new CFO is underway, during which Stewart will continue to oversee the company's financial functions.
Vertical has also strengthened its board with the appointment of Ben Story, a former director and executive of Rolls-Royce, director of Transport for London and managing director of Citi. Ben has 30 years of experience in top-level industrial technology, energy, transportation and global finance and will bring valuable experience to the company as it moves toward commercialization.
Stephen Fitzpatrick, founder and board member of Vertical Aerospace, said:
“I’m very proud of everything the team has achieved over the past four years as Vertical leads the world into a new era of electric flight and becomes a British engineering success story. Now Vertical is ready to enter an incredibly important phase of development as it begins testing more advanced, piloted, full-scale prototypes, begins progress toward certification, and prepares for industrialization.
Stewart's extensive leadership experience in high-growth technology-based companies makes him well-qualified to lead the company to its next level, and we know he shares our passion for exposing the world to the benefits of electric aviation. “I look forward to seeing what Vertical will achieve under his leadership.”
Stuart Simpson, CEO of Vertical Aerospace, said:
“It’s been amazing to experience the progress the business has made since I joined, and I’m thrilled to be taking on this role. I share Stephen's confidence that our experienced team, technology and strong business model, working with industry-leading partners, have laid the foundation for the successful development of one of the world's most advanced electric aircraft.
We look forward to working with our strong team as we advance our progress toward certification, raise additional investment, and bring VX4 to market.”
These changes come as final assembly of the next-generation full-size VX4 prototype is nearing completion, with the aircraft on track to begin a robust test flight program ahead of a planned public demonstration at Farnborough International Airshow and Heathrow Airport in late 2024. Yes. Features of this prototype include: The next-generation propeller uses Vertical's proprietary battery technology for the first time and integrates significantly more technology from the company's leading aerospace partners. ”
Mike Flewitt, President of Vertical, said:
“Vertical is moving into a very exciting phase of the company’s development and both Stuart and Ben are fantastic appointments to take the business through. Both bring significant strategic and financing experience, and their new roles will strengthen an already very strong team with decades of experience certifying and bringing new aircraft to market. I look forward to working with them both and Stephen as we create a new chapter in our journey.”
Ben Story, Board Member at Vertical, said:
“I have been following the exciting progress Vertical has made in this nascent sector, and the talented team has achieved a lot in a relatively short space of time. I look forward to playing my part in leading the business into its next exciting phase and bringing VX4 to market.”