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Andy Palmer Set To Be Replaced As Aston Martin CEO

Mercedes AMG CEO Tobias Moers tipped as replacement

Multiple media reports in the UK suggest that Aston Martin is about to remove chief executive Andy Palmer with many of the reports also suggesting that current CEO of Mercedes AMG Tobias Moers is set to be named as a replacement after tomorrow’s UK Public Holiday.

Aston Martin floated on the stock market two years ago but the flotation has not proved to be a success with a £536 million rescue deal in March putting Lawrence Stroll in place as Executive Chairman.

Since then though the COVID19 crisis has hit the company hard with car sales tanking and the company’s share price taking another tumble – from £19 a share on flotation to just 35p on Friday.

Palmer moved to Aston Martin in 2014 from Nissan and has not commented on the reports with an Aston Martin spokesman confirming today: “The company confirms that it is reviewing its management team and a further announcement will be made as and when appropriate.”