Lawrence Stroll has solidified his control of Aston Martin Lagonda as a group of Kuwaiti investors have reduced the size of their holding in the British auto-maker.
Amr Ali Abdallah Abou El Seoud, Adeem/Primewagon’s representative director on Aston Martin Lagonda’s board, has stepped down from his position, company filings published on Friday show.
This came as the family investment house’s stake in the company dropped below seven percent.
In November, Adeem gave up a board seat in anticipation of its holding falling below 10 percent.
This latest reshuffle of Aston Martin Lagonda’s board comes just weeks after three members stepped down and were replaced by five new directors who are backed by Stroll, the auto-maker’s chairman.
Earlier this month, Aston Martin denied reports that the company was set to be purchased by China’s BYD Auto Company.
It described these rumours as “totally untrue” and insisted that Stroll “couldn’t be more excited about, and sincerely believes in, the team’s long-term future success.”