Aston Martin gears up for £5bn float with high profile board hires
Sports car manufacturer Aston Martin has revealed high profile additions to its board, including a former Coca-Cola executive who is one of Britain’s most experienced boardroom figures, as it gears up for a £5bn float on the London Stock Exchange.
The Warwickshire-based sports car manufacturer has announced that Penny Hughes has agreed to become non-executive chair of the board and chair of the board’s nomination committee.
Hughes, who will become the first female chair of a British car-maker, has extensive board experience including in FTSE 100 companies, such as Royal Bank of Scotland, Vodafone and Wm Morrison.
The following independent non-executive directors have also agreed to be appointed to the board on IPO:
· Richard Solomons, who has agreed to serve as senior independent director and chair of the board’s audit and risk committee;
· Imelda Walsh, who has agreed to serve as chair of the Board’s Remuneration Committee;
· Peter Espenhahn;
· Lord Matthew Carrington
· Professor Tensie Whelan
Dr Andy Palmer, President and Group CEO, said: “Today marks another significant milestone in our history and of the successful turnaround of the Company under our Second Century Plan. We are delighted to have attracted high-calibre independent non-executive directors who will be led by Penny Hughes the proposed new chair of the board. The independent directors will bring significant experience to the board as we prepare to float and deliver fully on our business plan commitments. I would also like to recognise the support given by our existing shareholders, who have backed management over the past four years.”
Hughes added: “I am looking forward to becoming chair of the board upon the proposed listing of Aston Martin Lagonda. I am impressed by the turnaround that has been achieved by the team under the leadership of chief executive Andy Palmer and excited by the group’s future. Private shareholders have displayed successful long-term stewardship to date and are fully committed, as am I, to transitioning the group, the board and its governance arrangements to those expected of a world-class public company operating from the UK.”
Aston Martin Lagonda, which is headquartered at Gaydon where it has its principal production facility, also announced that Daimler AG of Germany will remain a shareholder and will not sell-down at IPO, converting its current non-voting stake of approximately 4.9% to ordinary shares. It also has agreed to a 12-month lock-up of these ordinary shares after listing.
The company’s admission to the London Stock Exchange is expected in October, and immediately following the car maker intends to have a free float of at least 25% of its issued share capital.
