What does this mean for the global auto industry?

Bentley leader will lead Aston Martin: what does this mean for the global auto industry?


03/25/2024 04:10

Bentley chief Adrian Hallmark has been appointed chief executive of Aston Martin in a bid to stabilize the luxury carmaker synonymous with James Bond. Hallmark will replace Amedeo Feliz, 77, no later than Oct. 1, Aston Martin said Friday. He will be the fourth CEO to lead the company since billionaire Lawrence Stroll became executive chairman in 2020.

Hallmark, 61, has led Bentley for the past six years, strengthening its margins through personalized cars and imposing strict discipline on pricing and inventory management. Aston Martin’s transformation is one of the most exciting projects in the luxury car industry, said Hallmark, who previously held senior positions at Porsche and Jaguar Land Rover.

Aston Martin has repeatedly needed additional capital since Stroll rescued the company four years ago. Saudi Arabian Public Investment Fund, Chinese Zhejiang Geely Holding Co. and electric vehicle maker Lucid Group Inc. have acquired shares in a UK company since mid-2022.

The announcement of the CEO appointment follows Aston Martin’s completion of a 1.15 billion pound ($1.4 billion) refinancing to ease investor concerns about its financial statements.

During his time at Bentley, Hallmark helped turn around the ultra-luxury British brand by cutting costs, raising prices and focusing on personalized cars. He joins Aston Martin after Bentley’s second-best year in its history.

“For several thousand more cars than we sold in the 2000s, we’re now making three or four times the profit per year,” he told reporters this month.

Hallmark also delayed the launch of Bentley’s first all-electric car until late 2026, rather than next year. This reflects the decision by Aston Martin, which delayed the launch of its first battery-powered model by a year due to lack of demand.

Author Daniil Polonikov

Daniil Sergeevich Polonikov (December 19, 2003, Ivanovo) – student at the Higher School of Economics, freelance correspondent for Pravda.Ru.

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