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Covert: Adrian Hallmark stunned the luxury car industry
In Ian Fleming’s spy novels, James Bond drives a Bentley.
Only later, in the film versions, does 007 upgrade to an Aston Martin – the most famous being the gadget-laden DB5, equipped with machine guns and an ejection seat.
Amid a level of secrecy worthy of MI6 itself, Adrian Hallmark has just pulled off the same spectacular gesture.
He stunned the luxury car sector on Friday by leaving Bentley, after six years at the helm of the Crewe-based luxury car maker, to take the wheel of Aston Martin, based almost 100 miles away in the Warwickshire. It was all the more remarkable since Hallmark, in what would prove to be a swan song, had just laid out its vision for Bentley’s future.
This included a revised timetable for future electric vehicles, as well as the unveiling of Bentley’s second-highest profits ever – thanks largely to the “jaw-dropping” number of customers wanting to personalize their cars.
But what awaits him at Aston – one of Britain’s best-known brands but also one of London’s biggest stock market flops in recent memory – when he arrives?
Hallmark has some experience in business turnarounds, having overseen Bentley’s own revival. He is Aston Martin’s third chief executive in almost as many years after chairman Lawrence Stroll – a Formula 1 billionaire – ousted Andy Palmer in 2021. Two other chief executives have disappeared since then.
Palmer had led Aston through an overvalued IPO in 2019 that valued the luxury brand at £4.3 billion.
But revenue warnings, mounting losses and emergency fundraising hounded Aston even before the pandemic hit sales.
Since then, Stroll has been trying to turn it into an “ultra-luxury” brand after years of Palmer’s strategy of building cheaper cars.
Results for 2023 show the company made a loss of £240 million despite the increase in turnover. And earlier this month, Aston announced it had raised £1.15 billion in its latest refinancing.
Experts say the challenges Hallmark faces at Aston are particularly acute. “The biggest problem on the horizon is its electrification strategy, which has been hazier than others and behind schedule,” says Sophie Lund-Yates of investment platform Hargreaves Lansdown.
He also needs to “get the basics right,” like tackling production delays for the DB12 model.
“He will have his work cut out for him,” said Julie Palmer of business consultancy Begbies Traynor.
“Driving Aston Martin will test your skills in new ways,” she adds, as the government pushes to increase sales of electric vehicles – a common obstacle in the automotive sector.
Bentley recently delayed plans for an all-electric lineup due to changing market conditions.
Aston Martin’s entry into the electric arena has suffered a setback, with the launch of its first electric car now delayed until 2026. Insiders say that after six years of circling Bentley and plotting an electric future , it was the prospect of a new challenge that prompted Hallmark to resign.
This sudden decision clearly fell to Bentley and its German parent company Volkswagen, as no successor was planned.
“Bentley was a big influence on me,” Hallmark said. “Redefining luxury mobility for the future with such a strong brand is a task I have undertaken with full commitment. »
But the time had come to take on “new challenges”. Speaking about his new role, he promised to “unleash the potential of this iconic brand.” Palmer says that if Hallmark can repeat its success at Bentley, “Aston Martin should be in good hands.” Or as 007 once observed: “You only live twice.” »