Aston Martin set to hire experienced businesswoman Penny Hughes to lead £5bn float
Former Coca-Cola executive and RBS director Penny Hughes has been lined up by Aston Martin to lead its £5bn float on the London Stock Exchange.
Hughes, who has also been a director at Vodafone, Wm Morrison and Reuters Group, will become the first female chair of a British car maker, according to Sky News.
The luxury car maker, favoured by James Bond, announced its intentions last month to list on the London Stock Exchange later this year.
Read more: Aston Martin profits up as company confirms IPO
It could make a formal announcement of its intention to float next week and reveal Hughes' appointment in doing so.
The company is expected to be valued at around £5bn at the initial public offering.
The British businesswoman, who was previously the chair of the remuneration committee at Royal Bank of Scotland, currently chairs Gym Group and iQ Student Accommodation.
Sky News reported that while Hughes had not yet formally signed up to the role, she was expected to do so imminently.
Read more: Aston Martin to IPO in £5bn stock market listing
Following years of financial difficulties Aston Martin reported the highest sales in its history last year, at £876m with pre-tax profits of £87m – its first profitable year since 2010.
The company's major shareholders include Italy's Investindustrial and Investment Dar, a Kuwaiti investment fund, while Mercedes-Benz owned Daimler also holds a small stake.