Latecoere Group – governance update
June 23 2023 - 12:00PM
Business Wire
- On the back of the recent restructuring agreement, Latecoere
is evolving its governance as it embarks on the next wave of growth
as the aerospace industry ramps up on the back of COVID.
- As a reminder Latecoere grew revenue 39% in 2022, with
EBITDA increasing by €24 million versus 2021 for a net EBITDA loss
of €8.5 million
- Pierre Gadonneix will now step down as Chairman of
Latecoere's Board of Directors.
- Thierry Mootz is proposed as successor to Pierre Gadonneix
and would take on role of Chairman and CEO.
Regulatory News:
Latecoere (Paris:LAT) is currently rebounding strongly from the
COVID crisis, having grown revenue by +39% in 2022 and seeing
positive momentum, including with recent contract wins such as the
B737 and B767 wiring systems and the Honda Jet composite passenger
doors as announced earlier this week. EBITDA increased by €24
million in 2022 versus 2021 for a net loss of €8.5 million.
Given the on-going industry ramp up Latecoere is making changes
to key governance positions to better position Latecoere
strategically for growth as the industry ramps up on the back of
COVID.
On the recommendation of the Nominations, Remuneration and CSR
Committee, the Board of Directors has proposed to the next Annual
General Meeting, to be held on July 26, 2023 at 10:00 a.m., the
appointment of Thierry Mootz as a director to replace Pierre
Gadonneix, whose term of office is due to expire on reaching the
age limit stipulated in the Company's bylaws.
Subject to the successful outcome of the Annual General Meeting,
it will be proposed to change the governance of the Latecoere Group
by combining the functions of Chairman of the Board of Directors
and Chief Executive Officer in the person of Thierry Mootz.
About Latecoere
Tier 1 to the world’s leading industry manufacturers (Airbus,
BAE Systems, Boeing, Bombardier, Dassault Aviation, Embraer,
Lockheed Martin, Raytheon Technologies, Thales), Latecoere serves
aerospace with innovative solutions for a sustainable world. The
Group operates in all segments of the aerospace industry
(commercial, regional, business, defense and space) in two business
areas:
- Aerostructures (55% of sales): doors, fuselage, wings and
empennage, struts & rods and customer services;
- Interconnection Systems (45% of sales): wiring, avionic racks,
onboard equipment, electronic systems and customer services.
As of December 31, 2022, the Group employed 5,918 people in 14
countries. Latecoere is listed on Euronext Paris - Compartment B,
ISIN Code: FR0000032278 - Reuters: AEP.PA - Bloomberg: AT.FP
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version on businesswire.com: https://www.businesswire.com/news/home/20230623148248/en/
Thierry Mahé / Media Relations +33 (0)6 60 69 63 85
LatecoereGroupCommunication@latecoere.aero
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