Latecoere Announces New Leadership to Drive Industry Ramp-up Led Growth and Focus on Operational Excellence

Regulatory News:

Latecoere (Paris:LAT):

Governance

Latecoere, a tier 1 supplier to major international aircraft manufacturers, announces that the Board of Directors, on the recommendation of the Nominations, Remuneration and CSR Committee, appointed Greg Huttner today as the company’s new Chief Executive Officer. Greg Huttner joined the Latecoere Group in 2020 and has played a critical role to help the company navigate through the depths of COVID and to bounce back as the industry ramps up to deliver on the significant aircraft order-book of end customers. Latecoere has had a strong start to the year with revenue growing 42.9%. Notwithstanding this, a huge amount of work is still underway to navigate inflationary pressure and on-going supply chain challenges. This change will enable the company to accelerate and fully deliver on its plan to secure the ramp-up in production required by customers on the back of the recapitalization, which was announced before the summer and is currently underway.

Thierry Mootz who combined the function of Chairman of the Board of Directors and Chief Executive Officer will continue to serve and act as non-executive Chairman of the Board of Directors starting from today.

Greg Huttner first joined Latecoere as a member of the Board of Directors and member of its Strategy Committee in June 2019. He was appointed member of the Executive Committee of the Group and General Manager of the Aerostructures Division in March 2020, additionally Deputy Group CEO in August 2021 and General Manager of the Interconnection Systems Division in November 2022. Since joining the company, he led the operational transformation of both divisions to a more competitive and agile organization in a challenging post-Covid environment, whilst completing transformative acquisitions for the Aerostructures Division. Furthermore he engaged the development of the group’s industrial footprint around its Eastern European and Mexican clusters, whilst continuing to invest in engineering through the Composite Development Center. Finally he expanded the business across both divisions, with gains at Airbus (A321 XLR), Boeing (737 MAX and 767) as well as new customers for the Group such as Pratt & Whitney, Heart Aerospace and Deutsche Aircraft.

“I am very excited to be taking on the CEO role at this pivotal stage in the Latecoere journey. We have a very busy agenda ahead to support the growth in demand from our customers while navigating some the challenging supply chain and inflation dynamics, which are affecting the industry. I would like to acknowledge the hard work and dedication of Thierry Mootz since he joined Latecoere in 2015. I am confident that together with the talented individuals within our organization, we will help reach world class levels of performance across on time delivery, quality and cost which matter most to our customers. At the same time we will continue to develop our engineering capabilities to cement our leading role as supplier of aerostructures and interconnection systems for the future of flight.” said Greg Huttner.

“On behalf of the Board of Directors, I congratulate Greg Huttner for his appointment and his achievements over the past years” said Thierry Mootz.

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About Latecoere

As a Tier 1 partner to major industrial OEMs (Airbus, BAE Systems, Boeing, Bombardier, Dassault Aviation, Embraer, Honda Aircraft Company, Lockheed Martin, Raytheon Technologies, Thales), Latecoere serves the aerospace sector with innovative solutions for a sustainable world. The Group operates in all segments of the aerospace industry (commercial, regional, business, defense, space), in two business areas:

• Aerostructures (55 % of sales as of December 31, 2022): doors, fuselage, wings and empennage, connecting rods and customer service;
• Interconnection systems (45 % of sales as of December 31, 2022): wiring, avionics furniture, on-board equipment, electronic products and customer service.

At December 31, 2022, the Group employed 5 918 people in 14 countries. Latecoere is listed on Euronext Paris - Compartment B, ISIN Code: FR001400JY13 - Reuters: AEP.PA - Bloomberg: AT.FP

View source version on businesswire.com: https://www.businesswire.com/news/home/20231013871653/en/

The Latecoere Stock at the time of publication of the news with a fall of -1,85 % to 0,491EUR on Lang & Schwarz stock exchange (13. Oktober 2023, 16:48 Uhr).