Stroll strengthens grip on Aston Martin as Kuwaitis pull back

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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.

Read also: Stroll rubbishes rumors of Aston Martin sale to Chinese company

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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Phillip van Osten

Motor racing was a backdrop from the outset in Phillip van Osten's life. Born in Southern California, Phillip grew up with the sights and sounds of fast cars thanks to his father, Dick van Osten, an editor and writer for Auto Speed and Sport and Motor Trend. Phillip's passion for racing grew even more when his family moved to Europe and he became acquainted with the extraordinary world of Grand Prix racing. He was an early contributor to the monthly French F1i Magazine, often providing a historic or business perspective on Formula 1's affairs. In 2012, he co-authored along with fellow journalist Pierre Van Vliet the English-language adaptation of a limited edition book devoted to the great Belgian driver Jacky Ickx. He also authored "The American Legacy in Formula 1", a book which recounts the trials and tribulations of American drivers in Grand Prix racing. Phillip is also a commentator for Belgian broadcaster Be.TV for the US Indycar series.