TIDMVEL
RNS Number : 7729Z
Velocity Composites PLC
05 September 2018
5 September 2018
VELOCITY COMPOSITES plc
("Velocity" or the "Company")
Directorate Changes
Velocity Composites plc, the leading supplier of advanced
composite material kits, providing engineering value-solutions for
the global aerospace industry, announces the following executive
and non-executive changes to the Company's Board:
-- Jonathan (Jon) Bridges, the Company's Chief Executive
Officer, to move to the newly created role of Chief Technology
Officer, which will be an Executive Board role, with immediate
effect;
-- Mark Mills, the Company's Non-Executive Chairman, to become
Executive Chairman on an interim basis with immediate effect until
a new Chief Executive Officer is appointed;
-- Alan Kershaw, the Company's Chief Financial Officer, to leave
the business but to work with the Company
in the short term to help identify a successor and effect an orderly handover; and
-- Meera Parmar joins the Company as a Non-Executive Director with immediate effect.
Chief Technology Officer ("CTO")
This newly created role will be focussed on three areas which
directly complement Jon's considerable experience and expertise in
the industry and which will ensure that he can focus on providing
the most value to the business. The CTO will be responsible for
business development (including securing new customers and
developing business with existing customers), the research and
development department (with a particular focus on new products and
service offerings where Velocity can further disrupt and add value
to the composites supply chain) and on collaborations with large
established companies in the Aerospace industry who could partner
with Velocity as the Company looks to expand into the global
marketplace.
Non-Executive Director
Meera Parmar, a Chartered Accountant (ICAEW) and qualified tax
practitioner, brings over 28 years' audit and finance experience to
the Company. She started her career at KPMG and during her 10-year
tenure fulfilled various roles in the tax and audit practices,
before joining Lathams as a Senior Tax Manager. Between 2003 and
2013, Meera worked at Cowgill Holloway LLP and in 2007 became a Tax
Partner and lead advisor in Transaction Tax and Private Client Tax;
encompassing M&A tax advisory, raising capital, restructuring,
exit strategy planning and business & share valuations amongst
other functions. More recently, Meera has built up a business
consultancy practice advising owners of SMEs across a wide range of
industry sectors on business strategy and turnaround, capital
raising, accessing SME tax incentives and wider financial
matters.
Meera is a Malaysian native and holds a BSc. degree in Economics
from London School of Economics and Political Science. Meera will
Chair the Remuneration Committee.
Following the appointment of Brian Tenner on 2 August 2018,
Meera's appointment concludes the process announced on 27 February
2018 that the Board was seeking to appoint two new non-executives;
one with an audit and finance background alongside another one with
manufacturing and public company experience.
Mark Mills, Executive Chairman of Velocity said:
"The Company is growing but not at the rate the Board or
shareholders would like to see and the Board has unanimously agreed
that additional capacity is required at the Executive level to
drive the Company forward. As a founder of the company Jon is fully
committed to Velocity and feels it is the right time to hand over
the CEO responsibilities whilst he concentrates on adding value in
securing new business, developing innovative products and
developing collaborative relationships to capitalise on the large
pipeline of new business already in progress. Allowing Jon this
focus will help the Company to meet its growth ambitions and ensure
that we seize the opportunities presented before us.
"Whilst we undertake a search for the new Chief Executive
Officer and Chief Financial Officer, I will move to the role of
Executive Chairman on an interim basis to deal with the distinct
challenges of managing the growth of a multi-site ambitious
company, driving the revenues and profitability and as importantly,
building closer relationships with the Company's shareholders.
"I am delighted to welcome Meera to Velocity. I look forward to
working with Meera whose keen analytical skills, commercial acumen
and wide relationships will help the Board to drive performance.
The addition of an additional qualified Chartered Accountant to the
Board will be very beneficial and Meera's skills will be very
complementary to Brian Tenner who was recently appointed.
"Finally, Alan has been a loyal and committed member of the
Velocity team since before the Company's IPO and the Board offers
Alan our sincere thanks and appreciation for his efforts and wider
contribution. We wish Alan well for the future and are appreciative
that he has agreed to work with us to hand over to a successor in
an orderly fashion."
Ends
CONTACT DETAILS:
Velocity c/o Camarco
Mark Mills, Executive Chairman Tel: 020 3757
Jon Bridges, CTO 4980
finnCap (Nominated Adviser and Broker) Tel: 020 7220
Ed Frisby / Scott Mathieson / Hannah Boros 0500
(Corporate Finance)
Tim Redfern (ECM)
Camarco (Financial PR) Tel: 020 3757
Georgia Edmonds / Owen Roberts / James Crothers 4980
The information communicated in this announcement is inside
information for the purposes of Article 7 of Regulation
596/2014.
The following information is made in accordance with Schedule
Two (g) of the AIM Rules for Companies:
Full Name: Meera Menon Parmar (neé Meera Menon)
Age: 55
Meera holds no shares in the Company
Current Director positions
None
Previous Directorships in the last five years
None
About Velocity Composites
Velocity Composites is a manufacturer of advanced composite
material kits for the aerospace industry, delivering engineered
waste reduction solutions for its customers to build aircraft
components using less time and material. The Company's customers
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 and Boeing 737, 787
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's services are seeing increased demand as the global
aircraft industry enters a more-for-less era. Velocity currently
has customers in the UK and Continental Europe.
This information is provided by RNS, the news service of the
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contact rns@lseg.com or visit www.rns.com.
END
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