Aston Martin adds FTSE experience to its board ahead of IPO

Aston Martin adds FTSE experience to its board ahead of IPO

Luxury carmaker Aston Martin announced the appointment of a non-executive chairwoman on Monday alongside a series of other proposed roles as it confirmed its intention to pursue an initial public offering.

An Aston Martin logo is seen on a car at a dealership in central London
An Aston Martin logo is seen on a car at a dealership in central London, Britain August 29, 2018. REUTERS/Henry Nicholls

LONDON: Aston Martin has lined up experienced FTSE executives to boost its board as the 105-year-old luxury carmaker presses ahead with plans to list on the London Stock Exchange, it said on Monday.

The company, famed for making the sports car driven by fictional secret agent James Bond, said last month it was pursuing an initial public offering (IPO), the first British carmaker to do so for decades.

Penny Hughes, who has previously worked at FTSE companies Vodafone and supermarket WM Morrison , will become Aston's first non-executive chair of the board when the flotation takes place, Aston Martin said.

Richard Solomons, who was chief executive of InterContinental Hotels from 2011 to 2017, will become a senior independent director and chair of the board's audit and risk committee.

"The independent directors will bring significant experience to the Board as we prepare to float and deliver fully on our business plan commitments," said Chief Executive Andy Palmer.

The news came as China's Geely delayed the planned listing of its Volvo Cars business, citing valuation concerns amid a global trade war.

Imelda Walsh, who is chair of the remuneration committee at transport firm FirstGroup , and Peter Espenhahn, who has audit and tax experience with accountancy firm Deloitte, will also join Aston.

The indicative price range for the IPO and the maximum number of shares to be sold will be detailed in the firm's prospectus which is due to be published on or around Sept. 20, the company added.

The carmaker will then detail the final offer price in early October ahead of admission to the FTSE, with at least 25 percent of the stock to be floated.

Aston, which has long said it could IPO, has undergone a turnaround plan since Palmer took over as CEO in 2014 as it boosts its volumes and builds a second factory.

The automaker, which forecasts volumes will rise to between 6,200 and 6,400 vehicles this year, hopes to build nearly 10,000 in 2020 and follow Ferrari by using its exclusivity to appeal to investors.

(Reporting by Costas Pitas and James Davey; Editing by Kirsten Donovan and Mark Potter)

Source: Reuters