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Aston Martin appoints new finance chief as overhaul under Lawrence Stroll continues

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The overhaul of Aston Martin Lagonda under Formula One motor racing financier Lawrence Stroll continued today with the filling of another key boardroom role.

The Canadian billionaire’s recruitment of Ken Gregor as chief financial officer for the luxury car maker comes less than a month after Mercedes-AMG boss Tobias Moers was named as chief executive from August.

Gregor has 20 years’ experience in the car industry, most recently as finance boss at Jaguar Land Rover for 11 years from 2008. Stroll said: “He is a seasoned financial professional with a strong leadership track record during his years at Jaguar Land Rover.

“He is the right finance leader for Aston Martin as we implement our strategy for the business to achieve its full potential.”

Since listing shares at 1,900p in October 2018 Aston has been hit by weak sales and mounting debts, resulting in a string of profit warnings. Stroll put together a rescue package for the company, taking a 25% stake as part of a £536 million capital raising earlier this year. His turnaround plans include the launch of an Aston Martin F1 team from next year.

The shares have more than doubled from their low of 30p in mid-May, although they were slightly lower at 71p after today’s appointment.

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Nokia names new finance chief in management revamp

By Tarmo Virki

(Reuters) – Finnish telecoms equipment maker Nokia named a new finance chief on Thursday, completing an overhaul of its top executive team as it battles rivals Ericsson and Huawei for work on lucrative 5G networks.

The company said Marco Wiren would join from Finnish engineer Wartsila and take over from Kristian Pullola as chief financial officer (CFO) from Sept. 1.

Nokia’s new Chief Executive Pekka Lundmark will also take the helm in September, while last month Sari Baldauf started as chairwoman, succeeding Risto Siilasmaa who had led the board for eight years.

Nokia, which axed its dividend after a profit warning last October, has been trying to tackle costs and delays in shipments as it vies with Sweden’s Ericsson and China’s Huawei.

“Nokia has clearly had challenges with balance sheet and cash flow, which has created additional pressure for renewal on the financial side,” analysts from equity research firm Inderes said in a note to clients.

Wiren is currently head of the power plant technology business at Wartsila, after previously working as a CFO for several public companies.

“Marco (Wiren) has deep financial and leadership experience, a sharp focus on driving operational excellence, and a demonstrated record of success. He also brings an extensive background in business-to-business and technology companies,” Lundmark said in a statement.

Nokia shares were down 1.8% in early trade, on a sharply lower Helsinki bourse.

(Reporting by Tarmo Virki in Tallinn; Editing by Stephen Coates and Mark Potter)

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