Yahoo Finance Aston Martin boss Andy Palmer headed for the exit
Aston Martin is revving up for changes to its boardroom amid claims embattled chief executive Andy Palmer could announce his exit from the luxury carmaker as soon as this week.
The British carmaker said late on Sunday it was reviewing its executive team, although it declined to confirm reports of Mr Palmer’s imminent departure.
“The company confirms that it is reviewing its management team and a further announcement will be made as and when appropriate,” Aston Martin said.
The reshuffle comes two difficult years after the float of the British car company, with its valuation plummeting from £4.3bn in 2018 to £540m.
Mr Palmer is expected to be replaced by Tobias Moers, who runs the AMG division of German car giant Mercedes Benz. The succession could be confirmed as soon as Tuesday, The Financial Times reported.
Aston Martin has endured a torrid two years since its initial public offering. In January, Canadian billionaire and Formula 1 fan Lawrence Stroll led a £540m rescue deal for the carmaker.
In March, the deal was revised to reflect Aston Martin’s falling share price amid coronavirus.
Mr Palmer had attempted to steer Aston Martin by launching a more popular sports utility vehicle, the DBX, this summer. But overall demand for luxury cars has stalled, even before coronavirus.
The company endured a £120m loss in the first half of this year amid a restructuring, while revenues fell by 60pc.
The coronavirus crisis has further battered the car industry. Aston Martin, like other automakers, was forced to suspend its operations and only began to return to work at its plant in St Athan in Wales in the last fortnight.
