Aston Martin CEO Palmer to leave, paper says

LONDON — Aston Martin CEO Andy Palmer is leaving the automaker as part of a management shake-up, the Financial Times reported, citing people with knowledge of the move.
The company will name Tobias Moers, CEO of Mercedes-AMG, as Palmer’s replacement on Tuesday, the paper reported on Sunday.
Daimler owns a 5 percent stake in Aston Martin and supplies the automaker with Mercedes-AMG engines.
Palmer joined Aston Martin in 2014 after working for Nissan for 25 years, rising to become chief planning officer and a key lieutenant of former Nissan Chairman Carlos Ghosn.
Aston Martin’s shares have fallen by more than 90 percent since its initial public offering in 2018 as the company was hit by oversupply to its dealerships, and a global slowdown among luxury buyers.
The automaker booked a 120 million-pound loss ($146 million) in the first three months, in part because factories and dealerships were forced to closed due to coronavirus.
In January, Canadian billionaire Lawrence Stroll bought a 20 percent stake in Aston Martin for nearly 200 million pounds ($263 million), as the company sought to raise funds.
Aston Martin said in a statement that it is reviewing its management team and will make an announcement when appropriate.
Reuters and Bloomberg contributed to this report
Source: autonewscom