Stroll strengthens grip on Aston Martin as Kuwaitis pull back
F1 team owner Lawrence Stroll his tightened his control of Aston Martin Lagonda in the wake of a Kuwaiti investor decreasing its stake in the prestigious automotive company.
Kuwaiti family investment house Adeem, whose consortium initially acquired Aston Martin from Ford in 2007 before taking the company public in 2018, saw its holdings in AML fall below 7% the company said on Friday.
Consequently, Adeem's representative on the Aston Martin board has stepped down from his position, leading to the second reshuffling of AML's board in less than a month.
In January, three board members were replaced by five new directors backed by Stroll, the executive chairman of Aston Martin.
The 61-year-old Canadian rescued the legendary British manufacturer last year along with a consortium of fellow investors by taking a major stake in the high-end sportscar brand that provided the latter with a crucial influx of capital and a restructuring plan.
Stroll's first order of business was replacing former CEO Andy Palmer with Tobias Moers, the former head of Mercedes' AMG subsidiary.
But Stroll also undertook a tie-up with his Racing Point F1 team which has been rebranded Aston Martin F1, a move that will return the historic British manufacturer to Grand Prix racing this year for the first time since 1960.
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