On Tuesday, Canaccord Genuity maintained its Buy rating and $9.75 stock price target for Joby Aviation Inc (NYSE:JOBY), despite the announcement of CFO Matthew Field's resignation for personal reasons, effective December 13, 2024. Field, who joined Joby in 2021 after a lengthy tenure at Ford Motor Company (NYSE:F), will be succeeded on an interim basis by CEO JoeBen Bevirt and company controller Sergei Novikov.
Field's departure was unexpected, given his recent onboarding in 2021 and his two decades at Ford Motor Company. He plans to return to the Midwest for family reasons but will continue to provide advisory services to Joby during the transition.
The management team, including Novikov, who joined Joby alongside Field, will take over the financial responsibilities. Novikov, a CPA in California, has a background with Varian Medical (TASE:PMCN) Systems (NYSE:VAR) and Price Waterhouse.
Joby's leadership, including CEO Bevirt and General Counsel Kate DeHoff, will oversee the finance team as the search for a new CFO begins. Novikov will lead the finance team as the principal accounting officer and treasurer during this period.
In addition to the executive change, Joby Aviation has achieved a significant milestone with the FAA issuing a Part 141 Certification for its pilot training academy and accepting its Part 5 Safety Management System for flight operations well ahead of the deadline.
The advancement positions Joby to train a variety of pilots, including commercial and private pilots, instructors, and those seeking instrument ratings, ensuring a skilled pilot workforce for its future eVTOL operations.
Canaccord Genuity's reiteration of its Buy rating and price target reflects confidence in Joby Aviation's management and its progress toward launching its urban air mobility (UAM) business. The firm views the establishment of Joby's Flight Academy as a strategic move to support the company's growth and operational readiness following the anticipated FAA type certification of its eVTOL aircraft.
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