Aston Martin Appoints Former Coca-Cola Boss Penny Hughes As Chair For October IPO
Aston Martin today confirmed its plans to proceed with an IPO, as it announced the appointment of former Coca-Cola UK boss Penny Hughes as its chair.
The luxury sports car maker has appointed Penny Hughes as both chair of the board and chair of the board’s nomination committee.
Hughes has former board experience at FTSE 100 companies like Vodafone, Royal Bank of Scotland and Wm Morrison.
When she was 33 years old, Hughes became the president of Coca-Cola UK & Ireland, and oversaw the merger of Coca-Cola UK and Schweppes.
She is also the chair of The Gym Group and iQ Student Accommodation, and sits on the board of fashion brand Superdry.
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Speaking about the appointment, 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.”
In addition to confirming its intention to proceed with the £5bn public offering, Aston Martin Lagonda also revealed the rest of its board of directors.
The board will feature former InterContinental Hotels Chief Executive Richard Solomons, Mitchell and Butlers and First Group director Imelda Walsh, Peter Espenhahn, Lord Matthew Carrington and Professor Tensie Whelan.
Aston Martin President & CEO Dr Andy Palmer said: "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. I would also like to recognise the support given by our existing shareholders, who have backed management over the past four years."
Aston Martin first confirmed reports it was gearing up for a London listing on 29th August.
The IPO is expected to take place in October.
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