Aston Martin boss Andy Palmer is on the way out in boardroom shake-up after shares plunge
Aston Martin boss Andy Palmer is leaving the business as part of a boardroom shake-up to restore its flagging fortunes.
The luxury car-maker will name Tobias Moers, who runs Mercedes-Benz’s AMG performance arm, as his replacement on Tuesday, the FT reported yesterday.
Aston Martin declined to comment.
As one door closes: Andy Palmer (pictured) became chief executive in 2014 and brought Aston Martin from the brink of bankruptcy to a successful stock market flotation in 2018
Dr Palmer became chief executive in 2014 and brought Aston from the brink of bankruptcy to a successful stock market flotation in 2018.
But in the past two years its performance has been dire, with shares falling more than 93 per cent to 35p.
The firm – whose cars were famously driven by James Bond – was hit by oversupply to dealerships and a slowdown in global demand, contributing to a £120m loss in the first quarter of this year.
The coronavirus pandemic also took its toll, closing factories and dealerships.
Dr Palmer’s exit is likely to have been influenced by the arrival of Canadian billionaire Lawrence Stroll, who became executive chairman in January after leading a £540million rescue deal.