Aston Martin chief to be replaced in shake-up
Luxury car maker getting a new boss
Aston Martin chief executive Andy Palmer is leaving the luxury car maker as part of a shake-up of the business, it has been reported.
The company will name his replacement as Tobias Moers, CEO of Mercedes-AMG, in an announcement to London Stock Exchange when it reopens on Tuesday, said the Financial Times.
AMG, the high-performance division of the German car maker, owns a stake in Aston Martin and is an engine and component supplier to the firm.
Mr Palmer told the Financial Times that he was unaware he was due to be sacked and declined to comment further.
The company is yet to comment on his future but has confirmed that it is reviewing its management team.
In a statement, it said: “Aston Martin Lagonda notes recent press speculation. The company confirms that it is reviewing its management team and a further announcement will be made as and when appropriate.”
Mr Palmer’s position has been the subject of speculation since billionaire Lawrence Stroll led a consortium that bought 25% of the firm last month, selling part of that shareholding on to another consortium led by Mercedes-AMG F1 team principal Toto Wolff.
Its shares have collapsed from £19 a share, valuing when the company at £4bn when Mr Palmer led it to an IPO in October 2018, to 35p on Friday. That has seen its market value fall to less than £500m.
Earlier this month it reported a £120m loss in the first three months of this year.
Its plant in South Wales reopened on 5 May and Mr Stroll said he was “even more enthusiastic and confident in the multi-year plan.”