Aston Martin said to be searching for fourth CEO in as many years

6th Feb 2024 11:54

(Sharecast News) - Aston Martin Lagonda is reportedly reaching out to candidates to succeed Amedeo Felisa as chief executive officer and become the UK carmaker's fourth CEO in as many years.

Bloomberg cited people familiar with the matter as saying that executive chairman Lawrence Stroll has contacted current and former heads of other luxury auto manufacturers to gauge interest in the role.

An Aston Martin spokesperson declined to comment to Bloomberg.

Stroll tapped Felisa to be CEO in May 2022, replacing former Mercedes-AMG boss Tobias Moers, who spent less than two years in the job. His predecessor, Andy Palmer, left months after Stroll rescued Aston Martin in early 2020.

The carmaker has repeatedly needed to raise more capital since Stroll took over as the largest shareholder four years ago. Saudi Arabia's Public Investment Fund, China's Zhejiang Geely Holding Group Co. and EV maker Lucid Group Inc. have taken stakes in the UK company since mid-2022.

Aston Martin warned in November that it expected to ship fewer vehicles than previously forecast for the full year, after supply-chain issues hampered the rollout of its new DB12 sports car.

At 1400 GMT, the shares were down 4.3% at 175.90p.