Aston Martin on Monday named Penny Hughes as chairman ahead of a planned initial public offering on the London Stock Exchange that was first announced in August.
Hughes spent most of her career as president of Coca-Cola in the United Kingdom and Ireland and has experience at other major firms including Royal Bank of Scotland and Vodafone.
Joining her on the board of Aston Martin will be former InterContinental Hotels CEO Richard Solomons, former Sainsbury’s executive Imelda Walsh, former Deutsche Bank executive Peter Espenhahn, Arab British Chambers of Commerce director Lord Carrington, and New York University professor of business and society Tensie Whelan.
In the plan to go public, the newly-incorporated company Aston Martin Lagonda Group will become the parent of Aston Martin, with current Aston Martin CEO Andy Palmer to serve as CEO of the group. A minimum of 25 percent of the company will be floated, with the listing on the London Stock Exchange expected to take place in October.
Some existing private shareholders of Aston Martin are expected to cash out their investments, though Daimler will continue to own its stake of 4.9 percent. Other key Aston Martin shareholders include Italy's Investindustrial and Kuwait's Investment Dar.
Analysts have estimated the value of Aston Martin at $7 billion. At its own IPO back in 2015, Ferrari was valued at $9.8 billion. Sure to be watching closely is rival firm McLaren as well as engine builder Cosworth, both of which are considering IPOs of their own.
“I am looking forward to becoming chair of the board upon the proposed listing of Aston Martin Lagonda,” Hughes said in a statement. “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.”
Chinese electric car startup Nio launched its IPO on the New York Stock Exchange in August and is expected to see its shares listed this week. Volvo had planned an IPO but is putting things on hold due to uncertainty surrounding the escalating trade war between the United States and China, as well as between the U.S. and Europe.