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.”