Mr. Teich joins Chair, Fabrice Brégier, former Airbus Commercial Aircraft CEO, and directors Clyde Woltman, former Leonardo Helicopters U.S. CEO, and Marc Fontaine, former Airbus executive and current Helsing France CEO on the board at Vertical which, the company says will strenghthen its leadership as it advances Valo towards certification and commercial operations as well as developing its defence application ambitions
Commenting on the latest announcement, Stuart Simpson, CEO of Vertical Aerospace, said: “Andy understands both what advanced technology can do and what defence customers need it to deliver. He has taken innovations from development into demanding operational environments, experience that will help us make better decisions about where to take our technology and how to turn its potential into commercial opportunities.
“With Fabrice, Clyde, Marc and Andy, we have brought together leaders who have delivered aircraft programmes, built technology businesses and served military customers. Their experience is invaluable as we bring our products to market. Andy’s decision to join, following these recent appointments, says a great deal about how people who have built and led major aerospace, defence and technology businesses view Vertical. Each of them sees the growth potential in our aircraft, our technology and our team.”
Meanwhile Teich added “My immediate focus will be working with Fabrice, the Board and the leadership team, alongside Jefferies, to bring in the right strategic or financial partners to support Vertical through certification and into commercialisation.”
Some commentators have wondered if this recent flurry of board appointments is designed to quell nervousness in the markets. If it is, it does not appear to be working, In December, as the VX-4 test programme progressed through the vital transition phase of flight test shares peaked at USD 7.33 falling quite sharply in March to USD 2.06 though the price did recover a bit the following month to USD 3.34 since then it has been in steady decline, even the high profile appearance at the Farnborough Air Show in July had little discernible impact on the decline which see the company shares trading under the USD 0.40 mark a 93% fall compared with January.
Image: Vertical Aerospace
