Latecoere Group – governance update
- 103
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
View source version on businesswire.com: https://www.businesswire.com/news/home/20230623148248/en/
