Velocity, the leading supplier of advanced composite material kits, providing engineering value-solutions for the global aerospace industry, provides the following update, further to the Company’s announcement of 24 July 2019, in relation to the process for the re-constitution of the Velocity Board of Directors (the “Board”).

Board update

Following the announcement that Andy Beaden and Rob Soen have been appointed as independent non-executive directors of the Company, the Board has appointed Andy Beaden as non-executive Chairman of the Company. In addition, Jon Bridges (Acting CEO and co-founder of Velocity) has been re-appointed to the Board as an Executive Director with immediate effect.

These changes mean the Board, as reconstituted, is able to move forward with a clear management structure and with the necessary skills to meet its obligations to the Company and staff, the shareholders and to other Velocity stakeholders. The Board also intends seek to appoint a third non-executive director and additional executive directors in due course.

Andy Beaden, Chairman, commented:

“I am delighted to have been appointed as non-executive chairman in this exciting next stage of the Company’s growth and development. We have asked Jon Bridges to join the Board, as it was clear to myself and Rob Soen that Jon’s unique experience and position in the business provides critical insight and skills to the Board, which are essential for Velocity, as we drive the business, which has so many business development opportunities, forward. Jon has been fundamental in the recent tie up with Wesco, which has the potential to be transformative for the Company, in other customer relationships and in the Company’s plans to expand our operations in the U.S. and Continental Europe.

It is important that Executive Management is represented at Board level from the start of this new phase in the Company’s history. Rob Soen’s appointment as a non-executive director also significantly strengthens the Board’s industry expertise. Rob brings a wealth of experience in the composite aerospace sector and in supply chain management, which will benefit both Velocity and its investors.”