Mercedes-AMG boss to head up Aston Martin; Palmer axed

Ross Houston
May 25, 2020

Multiple media reports in the UK suggest that Aston Martin is about to remove chief executive Andy Palmer with numerous reports also suggesting that current CEO of Mercedes AMG Tobias Moers is set to be named as a replacement after tomorrow's UK Public Holiday.

Aston Martin Chief Executive Andy Palmer is leaving the business as part of a management shakeup and will be replaced by Tobias Moers, CEO of Mercedes-AMG, a source familiar with the matter told Reuters on Sunday.

"A further announcement will be made as and when appropriate", Aston Martin said in a statement.

Aston Martin CEO Andy Palmer attends the 89th Geneva International Motor Show in Geneva, Switzerland March 5, 2019.

Palmer is expected to be replaced by Tobias Moers, the CEO of Mercedes-AMG, the high-performance division of the German vehicle maker.

The move comes off the back of a hard financial situation for Aston Martin, whose share price has collapsed from £19 when it was floated in October 2018, to around 35 pence now.

Palmer joined Aston back in 2014, when the firm was in financial trouble, and oversaw a quick turnaround with the announcement that Aston Martin would develop its first SUV being his first major move.

Following dwindling sales, mounting losses and a spiraling stock price, Aston Martin underwent a financial restructuring earlier this year, with a consortium led by Canadian billionaire and Racing Point tea owner Lawrence Stroll injecting significant capital to help turn around the company's fortunes which have been further aggravated by the coronavirus crisis.

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