Vertical Aerospace overhauls leadership as CFO takes on top job

Vertical Aerospace elevated its finance chief to the role of chief executive officer, taking over from founder and current CEO Stephen Fitzpatrick as the UK flying taxi company rushes to get a new prototype airborne.

Stuart Simpson will take over from Fitzpatrick with immediate effect, and the company will search for a new chief financial officer, it said in a statement on Wednesday. Fitzpatrick will remain on the board, focusing on business strategy, and Vertical said it also added former Rolls-Royce Holdings Plc strategy chief Ben Story to the panel.

Vertical, which lost the only unit of its first unmanned prototype last August in a crash during flight testing, is seeking to get the new, yet-to-be assembled VX4 certified to fly at the Farnborough Air Show in July. The company has sought to raise more cash, with Fitzpatrick pumping an additional $50 million into the company.

Vertical has struggled to raise outside capital, with a warning notice from the New York Stock Exchange hanging over the stock. The company was told back in December that it had six months to get its shares back above the $1 threshold, which it has yet to consistently manage.  

Rival flying taxi firm Volocopter said Tuesday it is in crunch talks to obtain financing as it fights for its survival after discussions for a German state-backed loan stalled.