Aston Martin’s finance boss to leave as losses deepen

Aston Martin’s finance boss to leave as losses deepen

FILE PHOTO: Aston Martin DBX, the company’s first sport utility vehicle, is displayed at its global launch ceremony in Beijing, China November 20, 2019. REUTERS/Jason Lee

LONDON (Reuters) – Aston Martin’s (AML.L) chief finance officer will leave the company after its losses almost doubled last year following a sales drop as the luxury carmaker pursues a turnaround with a new investor.

The firm, famed for being fictional agent James Bond’s car of choice, posted a 104.3 million-pound ($136 million) pretax loss in 2019, after a 7% decline in core wholesale demand.

Aston said last month that Canadian billionaire Lawrence Stroll would buy up to 20% of the company and existing shareholders would also inject more cash to stabilize the automaker.

“The big difference between last year and this year is the strength of the balance year,” Chief Executive Andy Palmer told Reuters.

“We’re in a very different place and have therefore an ability to properly… destock and that means gets the balance right between supply and demand.”

The company said Chief Finance Officer Mark Wilson will step down from his role no later than April 30 but that he had not been fired.

China was a bright spot in its performance last year with sales rising 28% but the company, like the rest of the industry, has seen demand drop due to the coronavirus outbreak.

There has also been some disruption to the supply of certain components but the company said it had not seen an impact on production, with components secured until at least the end of March.

Reporting by Costas Pitas, Editing by Paul Sandle

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