Aston Martin hasn’t been having a good time lately and according to sources close to the matter, there is a big management shake up coming. According to various online reports, current CEO Andy Palmer has already been pushed out the door.
Aston Martin confirms sacking of chief after share collapse https://t.co/QnWQvWhkGK— Guardian Business (@BusinessDesk) May 26, 2020
This makes sense as Aston Martin told the Financial Times earlier today that it was reviewing the management team and that an announcement will “be made as and when appropriate.” The shocking news is the replacement, sources close to the matter are apparently now saying that the incoming CEO could be Tobias Moers, the current head of AMG, Mercedes performance division.
This all comes less than two months after the company took on major new investment, led primarily by Canadian billionaire Lawrence Stroll, now executive chairman. The company has been on a major downhill slope since it was taken public in 2018 in a move by the company to recreate the same success as Ferrari.
With the company already strapped for cash before the coronavirus pandemic hit, it will be interesting to see how this entire situation plays out.