Vertical, the air taxi manufacturer, appoints former Airbus executive Fabrice Brégier as Chairman of the Board

Reuters, September 21 - Air taxi developer Vertical Aerospace (M000.F) said on Monday it has appointed former CEO of Airbus AIR.PA Commercial Aircraft Fabrice Bregier as chairman of its board.

Here are more details:

• Vertical Aerospace's shares rose as much as 5.7% in premarket trading.

• The announcement comes as electric vertical take-off and landing (eVTOL) aircraft makers are racing to secure regulatory approval ahead of the start of commercial operations.

• In addition to Valo, its fully electric, four-passenger piloted aircraft, Vertical is also developing a hybrid-electric model, which will offer longer range and greater operational flexibility.

• With increasing defense spending, eVTOL companies are also focusing more on the military market, as commercial development is taking longer than expected.

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

• In addition to serving as CEO of an Airbus subsidiary from 2012 to 2018, Bregier also held the position of group chief operating officer, during which he led the development of the A350 program and the company's operational transformation.

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

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