Boardroom troubles rumble on for beleaguered car maker
Aston Martin has denied that it is struggling to find an independent non-executive director – despite being in breach of City rules a year on from its troubled flotation.
The struggling luxury car maker told The Telegraph on Tuesday that it was not having trouble with the quota of independent board members.
Aston Martin needs to find one more person to comply with Corporate Governance rules saying at least half of its board, excluding the chairman, should be made up of independent non-execs.
A spokesperson told the Telegraph: “It’s about getting the right people. It’s about striking the right balance in terms of experience and to complement the current board, and that can take time.”
At the moment, only five or Aston Martin’s 11 directors are independent, excluding chairman Penny Hughes.
The spokesperson added: “To achieve board code compliance, we are in discussion with independent non-executive director candidates and expect to announce the outcome shortly.”
The car maker has endured a torrid year since its £4.3bn IPO a year ago, with profit warnings slicing three-quarters off the value of the company.
Last month Aston Martin agreed a $250m (£200m) financing deal to support its growth plans and provide flexibility in the face of “macroeconomic headwinds and uncertainty”.
