Investing.com -- Shares of Vertical Aerospace (NYSE: EVTL) surged 31% after the company announced the appointment of Dómhnal Slattery as the new chairman of its Board of Directors. The market responded positively to Slattery's extensive background in aviation finance and his previous role in leading the company to build its industry-leading order book and list on the New York Stock Exchange.
Slattery, a renowned figure in the aviation industry, has over three decades of experience, including the founding and scaling of two leading global aviation finance firms, Avolon and SMBC Aviation. His return to Vertical Aerospace's board is seen as a strategic move as the company aims to lead the electric vertical takeoff and landing (eVTOL) sector by the end of the decade, a vision encapsulated in their Flightpath 2030 strategy.
The company's shares rose significantly following the announcement, reflecting investor confidence in Slattery's ability to steer the company towards its ambitious goals. His track record includes raising and deploying over $75 billion in capital through the businesses he has founded, marking him as a heavyweight in the aviation finance world.
Vertical Aerospace has recently made substantial strides in its business plan, including a $180 million enhancement to its balance sheet and securing $50 million of new committed funding. Furthermore, the company achieved a significant milestone by becoming the second in the world to conduct piloted thrustborne flight with a full-scale vectored thrust eVTOL aircraft.
Outgoing Chairman Stephen Welch expressed his support for Slattery's appointment and will continue to contribute to the company as a non-executive director. The leadership transition is poised to leverage Slattery's expertise in capital markets and his deep understanding of the aviation sector, which is crucial as Vertical Aerospace accelerates its efforts to commercialize zero-emissions air travel.
Stuart Simpson, CEO of Vertical Aerospace, underscored the importance of Slattery's appointment, stating that his exceptional track record and industry knowledge are perfectly aligned with guiding the company's journey towards becoming a global eVTOL leader.
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