New Board Appointment

RNS Number : 9773I

Velocity Composites PLC

07 April 2020

 

7   April 2020

VELOCITY COMPOSITES PLC

("Velocity" or the "Company")

New Board Appointment

Velocity Composites plc (AIM: VEL.L), the leading supplier of advanced composite material kits to the aerospace market, is pleased to announce the appointment of Margaret Amos as an independent non-executive director of the Company with immediate effect.

Margaret has 27 years' experience working for Rolls Royce Holdings plc and held a number of important senior roles in Finance, Strategy Development, Supply Chain and Programme management, including the position of Divisional Finance Director - Engineering, IT and Corporate Sector. She has since developed a significant portfolio of Non-Executive roles, including NMCN plc, Trinity House and The Ombudsman Services.  She is also a Corporate Fellow for Denstone College. Margaret is a Fellow of both the Chartered Institute of Management Accountants (CIMA) and the Chartered Institute of Purchase and Supply (CIPs). She has a BA degree in Secretarial Administration and French and a Masters in Supply Chain Management from Nottingham University and is currently studying for a Doctorate in Professional Studies.

Upon her appointment to the Board, Margaret will be Chair of the Audit Committee and a member of the Remuneration and Nominations Committees.

Andy Beaden, Chairman of Velocity, said:  

"When Rob Soen and I joined the Board in late July 2019, we set out to stabilise and strengthen the commercial leadership of Velocity and focus on re-establishing good corporate governance.  This included the plan to recruit a suitably experienced third Non-Executive director, with an objective of bringing onboard additional relevant experience in senior finance and supply chain management in the global aerospace sector. 

I am therefore delighted to announce that Margaret Amos has chosen to join us, bringing with her extensive world class aerospace engineering, strategic finance and supply chain experience.  Her various senior roles at Rolls Royce are perfectly matched to the skills that can support Velocity.  We welcome her wholeheartedly to the Board where, as a senior qualified accountant, she will chair our Audit Committee.  Her insight and deep understanding of manufacturing, strategy and supply chain management will be invaluable to Velocity in supporting our customer services, in fulfilling our long term growth strategy, and more immediately, helping us withstand and mitigate the effects the COVID-19 pandemic."

Enquiries:

Velocity Jon Bridges, Chief Executive Officer Andy Beaden, Chairman	[phone]
Cenkos (Nominated Adviser and Broker) Russell Cook Ben Jeynes	[phone] [phone] [phone]
Belvedere Communications (Financial PR) Cat Valentine Keeley Clarke	[e-mail] [phone] [phone]

Margret Mary Amos (nee Lahiff), age 50, currently has no interests in the Company's issued share capital and holds or has held the following directorships or partnerships in the past five years:

Current Directorships

A2 Business Solutions Ltd Denstone College Limited nmcn plc The Ombudsman Service Limited Trinitas Services Limited

Previous Directorships in the last five years DHU Healthcare CIC Ashbourne Care Company Limited

About Velocity

Velocity Composites is a manufacturer of composite material kits for the aerospace industry, delivering engineered kits for its customers to build component parts. The Company's clients include multi-national manufacturers of composite parts and assemblies, who in turn deliver to the world's leading civil and military aircraft manufacturers. The Airbus A320, A330, A350, A380, Eurofighter Typhoon, F35 Joint Strike Fighter, Boeing 737 and V22 Osprey are all constructed using parts manufactured from Velocity's kits. The Company's business model reduces the operating costs of preparing composite materials ahead of their usage in the construction of an aircraft part and as such, its offering is disposed to being self-financing for aircraft parts' manufacturers. Velocity Composites also exports to Europe and North America.

 

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