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McLaren hires telecommunications exec as finance chief

LONDON — McLaren Group has appointed an executive from the telecommunications sector as chief financial officer overseeing its road car, racing and engineering divisions.

Kate Ferry, 48, took over the role on April 1 from Paul Buddin, 40, who has resigned as a director, according to company records filed in the UK.

Ferry joins McLaren from UK telecommunications company TalkTalk, where she was CFO. Prior to that she worked as group corporate affairs director for telecommunications company Dixons Carphone. She remains a non-executive director and chair of the audit committee at Greggs, a UK bakery chain, according to her LinkedIn profile.

Buddin joined McLaren Automotive in 2010 as a financial control and rose to CFO, first of McLaren Automotive, the division which builds supercars, then of the wider group in 2018.

McLaren has struggled financially during the coronavirus pandemic and lost 641,162 pounds [$890,000] in 2020, according to its recently published annual report.

The company been forced to raise additional finance. In December it said it had agreed to sell 33 percent of its racing unit to a consortium of U.S. investors.

In April, McLaren sold its headquarters in Woking, southern England, to investment company GNL under a sale and leaseback arrangement, which allows McLaren to stay in the building.

In December, McLaren also sold its 25 percent stake in medical device company EnMovi.

McLaren Group’s majority shareholder as of the end of December was Bahrain’s sovereign wealth fund, Bahrain Mumtalakat Holding Company, with 56 percent of the company.

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