ASTON MARTIN CHIEF TO QUIT, MERCEDES BOSS TO REPLACE HIM
Aston Martin CEO Andy Palmer is leaving the business as part of a management shake-up and will be replaced by Tobias Moers, CEO of Mercedes-AMG, a source familiar with the matter told Reuters on Sunday, May 24, 2020.
The luxury carmaker told Edward Taylor and Aishwarya Nair of Reuters that it is reviewing its management team but declined to comment on Palmer’s fate. Palmer and Germany’s Daimler AG, which owns a 5% stake in Aston Martin and supplies the carmaker with Mercedes-AMG engines, also declined to comment.
The Financial Times (FT) newspaper had reported earlier that the Aston Martin chief was going to leave as part of a shake-up of its leadership, with an official announcement expected on Tuesday. Palmer had not been informed of the upcoming announcement, the newspaper reported.
Aston Martin, the 107-year-old carmaker famed for being fictional secret agent James Bond’s car of choice, has seen its share price plummet since floating in October 2018 and posted a deep first-quarter loss after sales dropped by almost a third due to the impact of the novel coronavirus outbreak.