Under Andy Palmer, Aston’s CEO, the carmaker has undergone a turnaround plan. It has projected its volumes to rise between 6,200 to 6,400 vehicles in 2018; and aims to ramp up production by 10,000 vehicles in 2020.
On Monday, 105-year old luxury carmaker Aston Martin stated, it is set to add experienced FTSE executives to its board of directors. The announcement comes ahead of its planned IPO on the London Stock Exchange.
Famed for its sports car, Aston Martin stated last month that it is readying for an initial public offering.
If it goes ahead with its IPO plan, it will be the first for a British carmaker in decades.
According to the company’s statement, Penny Hughes, who has previously worked in FTSE companies including Vodafone and WM Morrison, will become Aston’s non-executive chairman of the board after the IPO.
Richard Solomons, who was the CEO of InterContinental Hotels from 2011 to 2017, will join Aston Martin as a senior independent director and will become chairman of the board’s audit and risk committee.
According to Andy Palmer, the carmaker’s CEO, the these appointments are aimed at avoiding previous mistakes made by the carmaker earlier.
Aston Martin has had to declare bankruptcy seven times in its history.
“If one looks at the lessons from the past where we’ve had millionaires and billionaires buying us, investing in one car and then walking away and that’s created the problems,” said Palmer. “We need to be in good governance for the next 100 years and … having an independent board, selecting that independent board because of their deep experience in running the boards of huge public companies I think is absolutely key.”
Imelda Walsh, chairman of the remuneration committee at FirstGroup is also scheduled to join the board.
Peter Espenhahn, who’s got audit and tax experience from Deloitte, an accountancy firm, is also set to join Aston Martin.
The indicative price range for Aston Martin’s IPO and the maximum number of shares to be sold will be detailed in its prospectus, scheduled to be published on or around September 20. It will provide the final offer price in early October ahead of its admission to the FTSE, with at least 25% of the stock to be floated.