Updated: Air taxi manufacturer Vertical appoints former Airbus executive Fabrice Brégier as chairman

Stock price update

Reuters, September 21 - Vertical Aerospace, a developer of air taxis, said on Monday that former Airbus AIR.PA Commercial Aircraft CEO Fabrice Bregier has been appointed as chairman of the company’s board.

More details:

• The announcement comes as several electric vertical take-off and landing (eVTOL) aircraft manufacturers compete to obtain regulatory approval before launching commercial operations.

• In addition to its all-electric, four-passenger crewed aircraft “Valo”, Vertical is also developing a hybrid-electric model, which will offer longer range and greater mission flexibility.

• With defense spending increasing and commercial development taking longer than expected, eVTOL companies are redirecting more focus to the military market.

• Bregier most recently served as president of Palantir Technologies PLTR.O France from 2018 to 2024.

• Besides serving as CEO of an Airbus entity from 2012 to 2018, Bregier also held the position of chief operating officer of the group, during which time he led development of the A350 project and the company’s operational restructuring.

• Vertical said that Ben Story, who has served as acting chairman since May, will remain on the board.

• The company’s share price edged lower in afternoon trading.

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