Former RBS director to take chair at Aston Martin

● Penny Hughes appointment made as flotation nears ● New directors to bring ‘significant experience’ to firm

Aston Martin, the iconic British sports car maker gearing up for a stock market listing, has appointed former Royal Bank of Scotland director Penny Hughes as its chairman.

Hughes, who has experience on the boards of other bluechip firms including Vodafone and Morrisons, will also chair the car-maker’s nomination committee.

She will join the company’s board of directors upon its stock market flotation, which is expected to take place some time next month.

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 longterm 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.”

Hughes’ appointment is among a raft of new directorships announced by the maker of the DB11 and Vanquish sports car models.

New non-executive directors include former Intercontinental Hotels Group chief executive Richard Solomons and former William Hill and Mothercare board member Imelda Walsh.

In a market update, the company confirmed earlier intentions for a stock market flotation in London.

President and group chief executive Andy Palmer said: “Today marks another significant milestone in our history and of the successful turnaround of the company under our second century plan.

“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.”

Last month, the firm said it was exploring plans to float on the London Stock Exchange, ending months of speculation about the possibility of going public.

Aston Martin – founded in London in 1913 and headquartered in Gaydon – will float at least 25 per cent of its shares in the listing, and could join the FTSE 100 if the company’s valuation is adequate.

Najeeb Al Humaidhi on behalf of the firm’s Kuwaiti shareholding said: “We have had the privilege to be part of the company’s history for the past 11 years.

“We remain committed as we continue to support the growth of Aston Martin Lagonda in this next and exciting phase.”