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UPDATE: Carmaker Aston Martin adds FTSE experience to its board ahead of IPO

Updated: 10-09-2018 12:26 IST

Luxury carmaker Aston Martin announced the appointment of experienced FTSE executives on Monday to boost the board of the 105-year old firm as it confirms plans to list on the London Stock Exchange.

The company, famed for making the sports car driven by fictional secret agent James Bond, said last month that it was pursuing an initial public offering, the first British carmaker to do so for decades.

Penny Hughes, who has previously worked at FTSE companies Vodafone and supermarket WM Morrison, will become non-executive chairwoman of the board when the flotation takes place, Aston said.

Richard Solomons, who was chief executive of InterContinental Hotels from 2011 to 2017, will serve as Senior Independent Director and Chair of the board's Audit and Risk Committee.

"The independent directors will bring significant experience to the Board as we prepare to float and deliver fully on our business plan commitments," said Chief Executive Andy Palmer.

The indicative price range for the offer and the maximum number of shares to be sold will be detailed on or around Sep. 20, the company confirmed on Monday.

The carmaker will detail the final offer price in early October ahead of admission to the FTSE, with at least 25 percent of the stock to be floated.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)