Aston Martin’s Chief Executive Andy Palmer is said to be leaving as part of a shake-up aimed at reviving the flagging carmaker, the Financial Times reported, citing people with knowledge of the move.
Aston Martin said in a statement it’s reviewing its management team and will make another announcement when appropriate.
Andy Palmer, chief executive officer of Aston Martin Lagonda Ltd., poses for a photograph while sitting inside a DB11 sports cars after a Bloomberg Television interview in Singapore, on Saturday, Sept. 16, 2017. Palmer discussed the impact of Brexit on the auto industry.
Palmer, who joined Aston Martin from Nissan in 2014, will be replaced by Tobias Moers, the CEO at Mercedes-AMG, the newspaper reported. The announcement is scheduled for Tuesday, it said.
The carmaker’s shares have fallen by more than 90 per cent since its initial public offering in 2018 as the company was hit by oversupply to its dealerships, and global slowdown among luxury buyers. The group booked a 120 million-pound loss (US$146 million) in the first three months of this year, in part because factories and dealerships were forced to closed due to coronavirus.