Andy Palmer Set to be Replaced as Aston Martin CEO
Andy Palmer is set to be removed from his role as Aston Martin Chief Executive with reports suggesting that current CEO of Mercedes-AMG, Tobias Moers, will be named as his replacement.
In January, a consortium led by Lawrence Stroll had agreed to take a 16.7 per cent stake in Aston Martin at $NZ368million. The deal also included a $NZ643million cash infusion through a new rights issue, which culminated in a total investment of $NZ1.01billion for the struggling manufacturer. Since then, the company has continued to struggle with the effects of the pandemic with car sales tanking and the company’s share price tumbling from $NZ38 a share on flotation to just 70 cents on Friday.
Palmer, who declined to comment on the reports of his impending departure, joined Aston Martin in 2014 after finishing up a tenure at Nissan. An Aston Martin spokesman said, “The company confirms that it is reviewing its management team and a further announcement will be made as and when appropriate.”