Aston Martin has revealed former coke boss Penny Hughes as the group’s new chair, ahead of its £5 billion stock market flotation.
Hughes will be the luxury car maker’s first female chair, which the Aston Martin CEO said was “a significant milestone in our history and of the successful turnaround of the company.”
Hughes has had experience on the boards of Royal Bank of Scotland, Vodafone and WM Morrison and Coca-Cola, where she was president of the company’s UK and Ireland operations.
Aston Martin is planning to float on the London Stock Exchange.The carmaker is reportedly seeking a valuation of up to £5 billion and will initially float around 25 percent of the company.
“Today’s announcement represents a key milestone in the history of the company, which is reporting strong financial results and increased global demand for its award-winning sports cars,” said the chief executive, Andy Palmer.
“Today’s results show that we have continued to deliver sustainable growth, margins and value for our shareholders whilst launching three new models and variants in the first half of the year.”
The 105-year-old carmaker is associated with James Bond and will likely be placed at the top end of the FTSE 250, just below FTSE 100 firms such as the Royal Mail (LON: RMG).
Palmer has not shown concern surrounding Brexit and remains confident for the company.
“We can demonstrate that Brexit is not a major effect for us,” he said. “If there is a tariff into Europe, it’s countered by a tariff into the UK for our competitors so you might lose a little bit of market share in the EU but you pick it up in the UK,” he said.