Troubled luxury carmaker Aston Martin has announced further details of its leadership shake-up amid Lawrence Stroll’s takeover, with finance director Mark Wilson also set to leave.
Confirmation of Wilson's departure follows that of chairman Penny Hughes, who was already known to be stepping down on April 7 for Stroll to take over as executive chairman.
Wilson will leave his role no later than April 30, Aston confirmed.
For the year 2019, the brand posted pre-tax losses of £104.3 million, a 53 per cent fall on the previous year. Meanwhile, revenue declined by nine per cent to £997.3 million.
Aston's stock has lost almost two-thirds of its value since July 2019, with shares down over 11 per cent to 345p in early trading on Thursday.
The carmaker’s chief executive, Andy Palmer, said that last year was "an extremely challenging period for the company."
Palmer said: “This performance led to severe liquidity pressures and higher year-end net debt of £876 million.
“With our revised plan and appropriate funding in place, I believe we will have the building blocks in place to secure the necessary financial turnaround of the business consistent with our position as a luxury automotive company.”
Formula 1 billionaire Stroll has agreed a £500 million rescue deal with Aston Martin, taking on a 16.7 per cent stake in the business.
In the backdrop of a troubling performance in 2019, Aston did enjoy some respite in China as local sales increased by 28 per cent on 2019, with the Chinese market also responsible for nine per cent of total wholesale revenue.
The recent coronavirus outbreak has threatened to impact customer demand and the supply chain, but Aston has confirmed to date that there has been no impact on production despite minor disruption to the supply of some Chinese car components.
