Aston Martin Lagonda Global Holdings PLC (LSE:AML) appointed former Ferrari chief executive Amedeo Felisa to the role with immediate effect as part of a boardroom shake-up.
Tobias Moers, who stepped down from CEO with immediate effect, will support the leadership team with a smooth transition until July end, the company confirmed.
Felisa, who will move over from his existing non-executive board role, spent over 26 years in Ferrari leadership roles, including eight as CEO.
A new chief technical officer, Robert Fedeli, is also being appointed with effect from 1 June, bringing a similar amount of experience from Ferrari, as well as experience in the implementation of electrification technologies during his more recent time at BMW.
Meanwhile, the British luxury sports car manufacturer also reported a 212% increase in its operating loss compared with the first quarter (Q1) last year but insisted its Q1 was in-line with expectations and full-year guidance was maintained. It attributed the £47.7mln loss to higher depreciation and amortisation.
Aston Martin said it remained on target to meet its medium-term targets of 10,000 wholesale units, £2bn revenue and £500mln earnings before income, tax, depreciation and amortisation (EBITDA) by 2024/25.
For 2022, Aston Martin said it expects to deliver “significant growth” with an 8% rise in core volumes, which should increase adjusted EBITDA by roughly 50%.
“We are poised to deliver good growth in 2022 and remain extremely confident in the medium and long-term prospects as we transform Aston Martin into the world's most desirable ultra-luxury British performance brand," said executive chairman Lawrence Stroll.
The GT/Sports model sold out for the year, the new V12 Vantage was announced, with all 333 units pre-ordered by launch in March and the order book for the DBX707, the self-styled 'world's most powerful luxury SUV', was up approximately 60% on the prior year, it said.
Revenues in the first quarter rose 4% to £233mln driven by strong pricing dynamics throughout the core portfolio and 14 deliveries of its Valkyrie hybrid sports supercar.
Although net debt rose 7% to £957mln and cash fell 4% to £404mln.