Directorate Change

RNS Number : 4043C

Velocity Composites PLC

11 October 2022

 

11 October 2022

Velocity Composites plc

("Velocity" or the "Company")

Directorate Change

Velocity Composites plc (AIM: VEL.L), the leading supplier of advanced composite material kits to aerospace to aerospace and high-performance manufacturers , announces that Rob Soen, Non-executive Director, will be stepping down from the Board on 31 October 2022, to focus on his other business interests.

Mr Soen will continue to act as an advisor, helping with Velocity's commercial and supply chain strategy as the Company grows. Annette Rothwell, Non-executive Director, will replace Rob as Chair of the Remuneration Committee. Furthermore, David Bailey will become Chair of the newly created Sustainability Committee to support the Company's work in helping customers meet their global ESG targets.

Andy Beaden, Chairman, Velocity, said: "The Board would like to thank Rob for his significant contribution over the last three years, especially his support during the pandemic.  Rob's knowledge of the aerospace industry and his supply chain experience has helped pivot Velocity from a pure manufacturing business to a technology-led composite supply chain services business. In his new advisory role, he will focus on increasing opportunities for Velocity with global Tier One Aerospace manufacturers.

"We have strengthened our Board in recent months with the appointment of Annette Rothwell and David Bailey. They have already provided a significant contribution towards the next steps of our growth and will each lead on key areas of oversight and development, including sustainability, which is of growing importance to our customers.

"The business is in a strong position. Velocity has continued to trade as expected in 2022. We are progressing well with expansion opportunities. The Company plans to announce a trading update in relation to the year ended 31 October 2022 in December 2022."

Enquiries:

Velocity Composites plc Andy Beaden, Chairman Jon Bridges, Chief Executive Officer	[phone]
Cenkos Securities plc Nominated Adviser and Broker Katy Birkin Ben Jeynes	[phone]
SEC Newgate Financial PR Robin Tozer / Richard Bicknell	[phone] [e-mail]

 

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