Tuesday 20 November 2018

Aston Martin appoints former RBS director as chairman ahead of October IPO

Penny Hughes is also a former Coca-Cola executive.

A 1965 Aston Martin DB5 driven by Pierce Brosnan as James Bond in the 1995 film GoldenEye (John Stillwell/PA)
A 1965 Aston Martin DB5 driven by Pierce Brosnan as James Bond in the 1995 film GoldenEye (John Stillwell/PA)

By Kalyeena Makortoff, Press Association Chief City Correspondent

Aston Martin has appointed former Royal Bank of Scotland director Penny Hughes as its new chairman as the British sports car maker charges ahead with plans for a London stock market listing.

Ms Hughes – who has experience on the boards of FTSE 100 firms including Royal Bank of Scotland, Vodafone and WM Morrison – will also chair Aston Martin’s nomination committee.

She will join the company’s board of directors upon its stock market flotation, which is expected to take place in October.

The bulk of her executive career links back to Coca-Cola where she served in roles including president of the company’s UK and Ireland operations.

Her appointment was among a raft of new directorships announced by the luxury car manufacturer on Monday.

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 Penny Hughes

New non-executive directors include former InterContinental Hotels Group chief executive Richard Solomons, and former William Hill and Mothercare board member Imelda Walsh.

The appointments were detailed in a market update, in which the company confirmed earlier intentions for a stock market flotation in London.

President and group chief executive Andy Palmer 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.”

Aston Martin last month said it was exploring plans to float on the London Stock Exchange, ending months of speculation about its plans to go public.

Aston Martin will float at least 25% of its shares in the listing, and could join the blue chip FTSE 100 if the company’s valuation is adequate.

The company could be valued as high as £5 billion once it goes public, according to reports.

Ms Hughes said: “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.”

The car maker was founded in London in 1913, and is headquartered in Gaydon.

The company has additional facilities in Wellesbourne, where it also produces its special edition models, as well as Newport Pagnell, where its heritage models are manufactured.

Press Association

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