ACHR - Archer Aviation stock surges 20% after hiring former FAA chief
2023-06-13 13:24:32 ET
As expected, former acting FAA administrator Billy Nolen has joined Archer Aviation ( NYSE: ACHR ).
The addition of Nolen as Chief Safety Officer comes after months of rumors that he would join the company. Nolen was characterized as a “strong advocate for the eVTOL aircraft industry” in his capacity as FAA administrator in the announcement of his appointment to the role.
“Billy is an incredible leader and has long been a staunch supporter of the eVTOL aircraft industry, spearheading our country’s and the FAA’s global leadership role in this important area,” Archer CEO Adam Goldstein said. “Together, we will shape the future of transportation and make sustainable, efficient air travel a reality.”
Shares of the eVTOL company surged 19.63% in afternoon trading as the news was digested.
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Archer Aviation stock surges 20% after hiring former FAA chief