Aston Martin’s chief executive ousted as part of management shake-up
Aston Martin chief executive Andy Palmer is reportedly set to be ousted from the role as part of a management shake-up.
The luxury carmaker confirmed it is reviewing its management team.
It will name Mercedes-AMG chief executive Tobias Moers as Palmer’s replacement in an announcement tomorrow, the Financial Times reported.
Palmer had not been informed of the upcoming announcement, the report said.
Aston Martin last week posted a steep loss in the first quarter after sales were severely impacted by the coronavirus pandemic.
In its first results since Canadian billionaire Lawrence Stroll became executive chairman of the iconic firm, the company said its new DBX model was on track for summer delivery despite the crisis.
Aston Martin’s share price has plummeted since it went public in October 2018. Its stock has collapsed 98 per cent since the listing less than two years ago.
In February the company’s finance chief Mark Wilson announced he would step down in April as the company posted a loss of more than £100m.
The luxury carmaker said at the same time that it would use 2020 to “reset” the business in order to compete in the supercar market.