According to Bloomberg, British luxury car manufacturer Aston Martin will appoint Bentley CEO Adrian Hallmark as its next CEO to stabilize the company's operations.
On March 22, Aston Martin stated that Hallmark will take office no later than October 1, replacing the 77-year-old Amedeo Felisa. Hallmark will be the fourth CEO since Lawrence Stroll took over as executive chairman of Aston Martin in 2020.
At 61 years old, Hallmark became CEO of Bentley, a brand under the Volkswagen Group, in February 2018. He focused on personalized cars and implemented stricter discipline in pricing and inventory, thereby increasing Bentley's profit margin. Prior to Bentley, Hallmark held senior positions at Porsche and Jaguar Land Rover. He mentioned that Aston Martin's transformation is one of the most exciting projects in the luxury car industry.
After Stroll became executive chairman of Aston Martin, the company has had several rounds of fundraising. Since mid-2022, the Public Investment Fund of Saudi Arabia, China's Zhejiang Geely Holding Group Limited, and electric car manufacturer Lucid Group have invested in the British company. Earlier this month, Aston Martin completed a £1.15 billion refinancing to alleviate investor concerns.
Earlier on March 22, Bentley stated that Hallmark voluntarily resigned, and the company accepted his request, "as he prepares for a new role outside of the Volkswagen Group, effective immediately."
During his tenure as Bentley CEO, Hallmark helped the brand turn around by cutting costs, raising prices, and leaning towards customization. He mentioned this month, "We sold only a few thousand more cars than we did at the beginning of the 21st century, but now the profit is three to four times more."
Hallmark also postponed the launch of Bentley's first all-electric car to the end of 2026, instead of the initially planned next year. Aston Martin has taken a similar approach, delaying its first electric model by a year due to lack of interest from potential consumers.
