Slattery brings deep aviation and capital
markets expertise to Vertical Aerospace Board
Vertical Aerospace (“Vertical”) (NYSE: EVTL), a global aerospace
and technology company that is pioneering zero emissions aviation,
announces the appointment of aviation industry veteran Dómhnal
Slattery, as Non-Executive Chairman of Vertical’s board of
directors (“Vertical Board”). Dómhnal succeeds Stephen Fitzpatrick
as Chairman, who has held the combined role of Chairman & CEO
since Vertical listed on the New York Stock Exchange (“NYSE”) in
December 2021.
Dómhnal Slattery Dómhnal has over 30 years’ experience in
the global aviation finance industry. He is currently the founding
CEO of Avolon, the world’s second largest aircraft leasing company.
Dómhnal brings a unique and diverse skillset to the Vertical Board,
and the experience to guide the business through the certification
and commercialisation of its zero operating emissions eVTOL
aircraft, the VX4. That experience includes:
- A proven track record of scaling businesses
through multiple industry cycles, including Avolon, from start-up
to a franchise with a balance sheet in excess of $30 billion
- Experience in private and public markets,
leading Avolon’s IPO on the NYSE
- Deep understanding of the debt and equity
capital markets; leading the raise of over $40 billion of debt and
equity over the past decade as CEO of Avolon
- Unparalleled global network across the
entire aviation supply chain established over 30 years, including
high level relationships with major manufacturers, leasing firms,
airlines and financial institutions
- Recognised as an aviation industry thought
leader, providing insights to manufacturers on commercial aircraft
development
Dómhnal Slattery remains CEO of Avolon, which is also a customer
of, and an investor in, Vertical.
Stephen Fitzpatrick, Vertical Founder and CEO, said:
“Dómhnal is an outstanding appointment for Vertical; his proven
track record over the last 30 years in aviation finance is
unrivalled and he brings senior level relationships with every
major organisation across the global aviation industry. Dómhnal’s
vision for zero emissions flight will be invaluable for the
Vertical Board and its shareholders, and his appointment validates
our ambition to lead the eVTOL sector globally.”
Dómhnal Slattery, Vertical Chairman, said: “Vertical is
in the vanguard of innovation in the global aviation industry, and
I am delighted to have the opportunity to play a central role in
its growth and development. Over the past five years, Stephen has
assembled an unrivalled team with a vision to revolutionise
aviation through zero emissions air travel. I am excited to have
the opportunity to deliver that vision and bring to market the VX4,
an aircraft that will materially change the face of the
transportation sector globally as we transition towards a net zero
economy.”
Vertical Board Following these appointments, the Vertical
Board will comprise: Dómhnal Slattery as Non-Executive Chairman;
independent Non-Executive Directors Kathy Cassidy and Gur Kimchi;
Non-Executive Director Marcus Waley-Cohen; and Executive Directors
Stephen Fitzpatrick (Founder & CEO), Vincent Casey (CFO) and
Michael Cervenka (President).
Vertical’s Differential Strategy Vertical has
deliberately chosen a differentiated approach to its peer group.
Vertical’s focus is on designing, manufacturing, selling, and
servicing aircraft. This allows Vertical’s airline partners and
other customers to deploy the aircraft as opposed to Vertical
developing its own customer-facing operations or ride-share
platform. This has enabled Vertical to have what it believes is the
largest conditional pre-order book (by value) in the eVTOL
industry, of up to 1,350 aircraft worth $5.4 billion from American
Airlines, Avolon, Bristow and Iberojet, including pre-order options
from Virgin Atlantic and Marubeni, and through Avolon’s placements,
airlines JAL and Gol.
Vertical expects its aircraft, the VX4, to be certified by the
European Union Aviation Safety Authority (EASA), which it believes
to be the highest global certification standard. Consequently,
Vertical expects the VX4 will be in commercial operation by the
mid-2020s.
- ENDS -
About Dómhnal Slattery Dómhnal Slattery is the Chief
Executive Officer of Avolon with over 30 years’ experience in the
aircraft leasing industry. As founding CEO, Dómhnal has built
Avolon to the second largest global leader in aircraft leasing
through a period of private equity ownership, a successful listing
on the NYSE; and, a take private with Bohai Leasing.
As of December 31st 2021, Avolon has an owned, managed and
committed fleet of 824 aircraft, with 150 customers across 62
countries.
He began his aviation financing career with Guinness Peat
Aviation (GPA) and GECAS. In 1994, he established his own aircraft
advisory and investment banking services company, International
Aviation Management Group (IAMG) which was acquired by The Royal
Bank of Scotland Group in 2001. Dómhnal was Chief Executive of this
business from 2001 to 2004 and went on to become Managing Director
of the Structured Asset Finance business (today SMBC Aviation) for
the Royal Bank of Scotland Group. He founded Avolon in May 2010
with $1.4bn of capital, including private equity funding of
$750m.
About Vertical Aerospace Vertical Aerospace is pioneering
electric aviation. Vertical was founded in 2016 by Stephen
Fitzpatrick, an established entrepreneur best known as the founder
of the Ovo Group, a leading energy and technology group and
Europe’s largest independent energy retailer. Over the past five
years, Vertical has focused on building one of the most experienced
and senior teams in the eVTOL industry, who between them have
decades of engineering experience and have certified and supported
over 30 different civil and military aircraft and propulsion
systems.
Vertical’s top-tier partner ecosystem is expected to de-risk
operational execution and its pathway to certification allows for a
lean cost structure and enable production at scale. Vertical has
received conditional pre-orders for a total of up to 1,350 aircraft
from American Airlines, Avolon, Bristow and Iberojet, which
includes conditional pre-order options from Virgin Atlantic and
Marubeni, and through Avolon’s placements with airlines JAL and
Gol, and in doing so, is creating multiple potential near term and
actionable routes to market.
Vertical’s ordinary shares listed on the NYSE in December 2021
under the ticker “EVTL”. Find out more:
www.vertical-aerospace.com
About the VX4 eVTOL Aircraft The four passenger, one
pilot VX4 is projected to have speeds up to 200mph, a range over
100 miles, near silent when in flight, zero operating emissions and
low cost per passenger mile. The VX4 is expected to open up
advanced air mobility to a whole new range of passengers and
transform how we travel. Find out more: vertical-aerospace.com
Vertical Media Kit Including headshot of Dómhnal Slattery
available here
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995. Any express or implied statements contained in this press
release that are not statements of historical fact may be deemed to
be forward-looking statements, including, without limitation,
statements regarding the certification and the commercialization of
the VX4, the differential strategy compared to its peer group, and
the transition towards a net-zero emissions economy, as well as
statements that include the words “expect,” “intend,” “plan,”
“believe,” “project,” “forecast,” “estimate,” “may,” “should,”
“anticipate,” “will,” “aim,” “potential,” “continue,” “are likely
to” and similar statements of a future or forward-looking nature.
Forward-looking statements are neither promises nor guarantees, but
involve known and unknown risks and uncertainties that could cause
actual results to differ materially from those projected,
including, without limitation, Vertical’s limited operating history
without manufactured non-prototype aircraft or completed eVTOL
aircraft customer order; Vertical’s history of losses and the
expectation to incur significant expenses and continuing losses for
the foreseeable future; the market for eVTOL aircraft being in a
relatively early stage; the potential inability of Vertical to
produce or launch aircraft in the volumes and on timelines
projected; the potential inability of Vertical to obtain the
necessary certifications on the timelines projected; the potential
that certain of Vertical’s strategic partnerships may not
materialize into long-term partnership arrangements; the impact of
COVID-19 on Vertical’s business; as a foreign private issuer and
intend to follow certain home country corporate governance rules,
Vertical not be subject to U.S. proxy rules and will be subject to
Exchange Act reporting obligations that, to some extent, are more
lenient and less frequent than those of a U.S. domestic public
company; and the other important factors discussed under the
caption “Risk Factors” in Vertical's prospectus pursuant to Rule
424(b) filed with the U.S. Securities and Exchange Commission
(“SEC”) on December 1, 2021, as such factors may be updated from
time to time in Vertical’s other filings with the SEC. Any
forward-looking statements contained in this press release speak
only as of the date hereof and accordingly undue reliance should
not be placed on such statements. Vertical disclaims any obligation
or undertaking to update or revise any forward-looking statements
contained in this press release, whether as a result of new
information, future events or otherwise, other than to the extent
required by applicable law.
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version on businesswire.com: https://www.businesswire.com/news/home/20220127005080/en/
For more information:
Media Samuel Emden nepeanverticalteam@nepean.co.uk +44
7816 459 904
Investors Eduardo Royes investors@vertical-aerospace.com
+1 (646) 200-8871
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