# Aston Martin Lagonda Planned reopening of production facilities

- Link: https://www.directorstalkinterviews.com/aston-martin-lagonda-planned-reopening-of-production-facilities/412814871
- Published: 2020-04-23T07:30:14+01:00
- Author: Giles Arbor

**Aston Martin Lagonda Global Holdings plc** (LON:AML) have today made the following
announcement:

As we continue to manage the challenges posed by COVID-19, Aston Martin Lagonda’s
primary concern remains the health and safety of its employees and their families,
business partners and the local communities. The Company is committed to providing
all the support possible while following public health advice from relevant governments
in support of their efforts to contain the spread of the virus.

Further to the 24 March update on operations, over the past weeks Aston Martin Lagonda
has been working closely with employees and trade unions to develop and implement
protocols to protect employee health and safety in its production facilities so 
that they are able to return to work. The Company is now pleased to announce that
it intends to reopen its St Athan manufacturing facility on May 5 following Public
Health Wales and England guidelines which protect the safety of its people. The 
Company has also been working closely with its suppliers to secure supply aligned
to this timing. Taking the learnings, in terms of health and safety, from reopening
St Athan, Gaydon manufacturing operations are planned to resume later.

As part of previously announced mitigation measures in response to COVID-19, Aston
Martin Lagonda commenced the process of furloughing employees and has applied for
the financial support offered by the Government’s ‘Job Retention Scheme’. The majority
of the Company’s workforce is currently furloughed. Those employees who continue
to be furloughed from 1 May will receive 80% of their base salaries from then, with
the Company topping up the Government’s funding for those whose salaries exceed 
the maximum support level provided by the Scheme.

Aston Martin Lagonda continues to monitor and regularly review the situation whilst
working closely with all its stakeholders including employees, trade unions, the
Government, public health authorities and local communities to protect the safety
of its people, protect jobs, and protect the business.

Further, senior leadership has agreed to a voluntary reduction in pay. Non-Executive
Directors are waiving 35% of their fees and the Chief Executive Officer is waiving
35% of his base salary and, as communicated in the 2019 Annual Report, will not 
participate in the FY 2020 annual bonus plan. Vice Presidents are waiving 20% of
their base salaries. Other members of senior management have also been asked to 
voluntarily waive 5%-10% of base salary depending on salary level. These changes
will be applied retrospectively for a three-month period from 1 April and will be
kept under monthly review. In his role as Executive Chairman, Lawrence Stroll has
elected to receive a nominal salary only, of £1 per annum.

Share on: