Vertical Aerospace’s chair has stepped down as the company pursues an $850 million financing package to support certification and early production scaling of its electric vertical takeoff and landing aircraft.
The departure occurs during a period of leadership changes at the UK-based developer. Founder Stephen Fitzpatrick recently transitioned from CEO to a board role focused on strategy, with former CFO Stuart Simpson assuming the CEO position. The company is also advancing its VX4 prototype program, nearing completion of a second full-scale model and resuming flight tests. In April, it completed a piloted thrustborne transition, shifting from vertical takeoff to wingborne cruise under UK Civil Aviation Authority oversight.
Vertical reaffirmed plans for demonstration flights at the July Farnborough Airshow and London Heathrow Airport later this year. The financing aims to carry the program through certification, targeted for the second half of 2028, and initial industrial expansion toward cash break-even by 2030. Shares of Vertical Aerospace (NYSE: EVTL) have fluctuated between $1.90 and $7.60 over the past year.