27-Jan-2022 Source: Vertical Aerospace
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 com-mercial 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 devel-opment. Over the past five years, Stephen has assembled an unrivalled team with a vision to revolutio-nise 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 BoardFollowing 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 larg-est 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 Author-ity (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.
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.