Report: Aston Martin Seeking Fourth CEO in Four Years

Aston Martin is reportedly reaching out to candidates to replace Amedeo Felisa as the company’s chief executive officer, potentially setting the business up to have its fourth CEO in four years. Felisa has headed the UK-based automaker since May of 2022 and inherited a situation where the business was already taking on sizable amounts of debt annually.

The company’s share price has also been trending downward since 2018, though it has remained mostly flat since October of 2022.

Management reported £1.1 billion in revenue in 2018. But it had dropped to just £612 million by the end of 2020. In December 2022, that figure had come back up to £1.4 — making it seem as though the hard times were the result of economic issues created via the global response to COVID-19. However, Aston Martin failed to turn this into profitability and was staking sustained losses, which included taking on £495 million in debt for 2022.

The company attributed the loss to global supply chain troubles and the fact that it had been spending big on new models, including some all-electric vehicles. By November of 2023, Aston Martin reported an adjusted operating loss of £48.4 million for its Q3 results and a net revenue of £362 million. While the company signaled this as a turnaround for the brand, it still ended the quarter rolling back sales estimates and confirmed negative cash flow of £78.5 million. Some of the newer models weren’t selling at target volumes and the company suggested an equity raise could take place early in 2024.

From the looks of things, Aston has managed to solve some problems while others manifest and has ultimately had to temper shareholder expectations. The current hope seems to be that the brand’s newer products will see improved sales as production ramps up. But the fact that it’s hunting for a new CEO would seem to indicate the plan isn’t universally appreciated. That said, Felisa is now 77 and may be seeking retirement. However, even if that’s not the case, it’s likely that’ll be the excuse given when the management change takes place.

Executive Chairman Lawrence Stroll has already “cycled through” CEOs, according to reporting from Bloomberg:

While its share price