Mercedes-AMG CEO to replace Aston Martin Chief Palmer in management revamp

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Mercedes-AMG CEO to replace Aston Martin Chief Palmer in management revamp

Less than a month after the London-based British independent manufacturer of luxury sports cars and grand tourers, Aston Martin Lagonda Global Holdings Plc. or simply Aston Martin, had reported a steep loss at its first quarterly earnings’ report with sales stumbling by almost a third, the century-old British carmaker had ousted its Chief Executive Andy Palmer, 56, as part of a broad-based management shakeup, an unprecedented move which was bolted out of the blue and stunned automotive industry analysts, a source familiar with the subject-matter had unveiled on condition of anonymity as the source was not authorized to speak over the issue on public.

Apart from that, the source was quoted saying to a press agency later on Sunday that the Mercedes-AMG Chief Executive Tobias Moers, 54, would be succeeding the departing Aston Martin Chief Andy Palmer, nonetheless, while being asked about the issue, the luxury carmaker had replied in an emailed statement that the Gaydon, UK-based, 107-year-old automotive industry tycoon had been reviewing potential revamp of its management team, nonetheless, the carmaker had declined to comment on Palmer’s fate.

Besides, Aston Martin’s latest move came forth months after the Canadian billionaire Lawrence Stroll had purchased 20% stake of the Gaydon-based carmaker for a stark upsum of £200 million ($263 million), as the grief-sickened company had been in dire need of liquidity to stay operational even before the onset of the pandemic outbreak which appeared to have yielded heavy downpour on an already ailing automotive industry.

Aston Martin Chief Palmer to depart as an official statement expected on Tuesday

Concomitantly, earlier in the day, a Financial Times newspaper report had unveiled that the British carmaker’s CEO, Palmer, who owns a 5 per cent stake in Aston Martin alongside German carmaker Daimler AG, would be leaving Aston Martin as a potential shakeup of the money-draining luxury automaker’s management board, while the newspaper was also quoted a source as saying that the Aston Martin’s departing Chief Executive had not been informed about the leadership overhaul adding an official statement could come up as early as Tuesday.