Aston Martin appoints new finance chief as board shake-up continues
Aston Martin today announced that Kenneth Gregor would join the iconic carmaker as its new finance chief as the firm continues its business reset after a tumultuous two years.
Gregor, who joins the firm with immediate effect, previously spent 11 years as finance chief at fellow luxury carmaker Jaguar Land Rover.
His appointment comes amidst a wholesale management shake-up at Aston Martin, with senior Mercedes executive Tobias Moers set to join the firm as chief executive in August.
New executive chairman Lawrence Stroll has been quick to leave his mark on the firm, which has seen its share price evaporate since first listing in October 2018.
Gregor will be tasked with reviving the finances of the ailing brand, which recorded a £119m loss in the first quarter.
The coronavirus pandemic has hammered demand at the firm, meaning that it sold only half the number of cars in the first quarter as it did in the same period last year.
Before the Open newsletter: Start your day with the City View podcast and key market data
Interim chief financial officer, Viki Bhatia will remain at Aston Martin for a period of time to support a smooth transition.
He had replaced Mark Wilson, who stepped down as CFO after five years in the role earlier this year.
Gregor said: “I am delighted to be joining Aston Martin Lagonda.
“There is an exciting opportunity to build on the Company’s inherent strengths, its brand, its engineering prowess, and the skills of its people to enable Aston Martin to become a sustainably profitable business”.
Stroll said: “[Gregor] is a seasoned financial professional with a strong leadership track record during his years at Jaguar Land Rover.
“He supported the successful execution of its growth plans, through product expansion, with robust financial planning and capital allocation policies.
“He is the right finance leader for Aston Martin as we implement our strategy for the business to achieve its full potential”.