ASton Martin’s chief financial officer is stepping down after just 18 months in a blow to billionaire Lawrence Stoll’s turnaround plan that knocked stocks down.
The luxury automaker hired Mr Gregor, a 20-year Jaguar Land Rover veteran, shortly before Mercedes chief executive Tobias Moers took over as chief executive. The appointments were part of Mr. Stroll’s drive to revitalize the fortunes of the company.
Mr Gregor’s departure sent shares down 7% to £ 14.28, the second largest drop in the FTSE 250 which left the company at £ 1.65bn.
The stock was once trading at almost £ 110 after its £ 4bn listing in October 2018.
Gregor is leaving for personal reasons, the company said. A spokesperson declined to comment further. He will remain in office until the end of June, the time to find a successor.
Mr Stroll said Mr Gregor had played an important role in rebuilding Aston Martin’s financial position over the past year and a half.
Mr. Gregor said: “I am proud of what I accomplished during my time at Aston Martin Lagonda. It has been an honor to play my role in shaping the future direction of the company, helping to establish a clear roadmap to profitability and financial sustainability.
Mr Stroll, who has made his fortune in the fashion industry, led a £ 500million bailout from Aston early last year following the troubled show.
It sold a 20% stake to Mercedes last year to bolster the automaker with some of its German rival’s engine and power technology.
In November, Aston recorded a loss of £ 68million for the first nine months of the year, up from £ 229million last year, when sales and production resumed.
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This notice was published: 2021-12-02 18:16:08