Aston Martin faces calls for board shake-up
A year on from its disastrous stock market float, luxury car giant Aston Martin is facing calls to bring in new directors on its board.
The British marquee brand has suffered a drop in shares of nearly 75 per cent since it floated in October this year.
It has stalled in the face of mounting debt, falling sales in China and Brexit-related uncertainty hitting business on home turf.
Sentiment in the City is that board members do not have enough experience managing listed companies.
According to the Sunday Times, chairwoman Penny Hughes, finance chief Mark Wilson and independent director Peter Espenhahn are not making life any easier for chief executive Andy Palmer.
A City source told the paper: “Andy is not getting enough of the right kind of support. He needs the board to come behind him.”
Analysts have laid the blame for the Initial Public Offering’s spectacular failure firmly at the door of those who made the valuation.
AJ Bell analyst Russ Mould said: “The £5bn price tag was simply too high and left the management team on a hiding to nothing.”