Sawt Falasteen - Aston Martin poaches Bentley CEO in new shake up

Hallmark, 61, will take the wheel at Aston Martin by October 1, replacing Italian national Amedeo Felisa, who since May 2022 has helped steer around performance at the brand.

The Briton will be the fourth chief executive in as many years at Aston, beloved by fictional British spy James Bond.

"When Amedeo was appointed CEO, I spoke of him leading a new phase of growth and development," Chairman Lawrence Stroll said of Aston's current boss.

"Two years on, we have delivered on that promise, as we near completion of our thrilling new product portfolio and move closer to our vision of becoming the world's most desirable, ultra-luxury British performance brand," he added in a company statement Friday.

Felisa, 77, said he was "incredibly proud of the progress made over the last two years, which has aligned Aston Martin for a positive future direction".

"I believe now is the right time to allow the company to transition to new leadership," he added in the statement.

A former CEO of Italian sports car manufacturer Ferrari, Felisa will remain at the helm to allow for a smooth transition.

Aston Martin said Hallmark "brings more than 25 years of highly successful senior automotive experience from the US, Europe, and Asia with companies such as Bentley, Porsche and Volkswagen".

Stroll described Hallmark as "one of the highest calibre leaders not just in our segment, but in the entire global automotive industry".

Bentley, owned by Volkswagen, noted in a separate statement that Hallmark had decided to step down also as chairman "at his own request and by mutual consent", adding the search has begun for a successor.

In line with current industry trends, Aston Martin is pushing ahead with the electrification of its cars, with an investment of about £2 billion ($2.5 billion) in the next few years.

Friday's announcement comes after Aston Martin halved annual losses in 2023 as average prices of its models hit record highs.

Pre-tax losses totalled £240 million last year, while revenue jumped almost one fifth to £1.6 billion.

P.AbuBaker--SF-PST