Andy Palmer is to be replaced as CEO of Aston Martin in a major management shake-up at the struggling British firm, the Financial Times has reported.
While no official announcement on the departure of Palmer has been made, a statement from the firm said: "The company confirms that it is reviewing its management team and a further announcement will be made as and when appropriate".
The FT is reporting that current Mercedes-AMG boss Tobias Moers will take over from Palmer in an announcement that could happen as early as Tuesday 26 May.
Palmer joined Aston back in 2014, when the firm was in financial trouble, and oversaw a quick turnaround with the announcement that Aston Martin would develop its first SUV being his first major move.
In 2018, Palmer then led Aston to its initial public offering (IPO), which initially valued the company at around £4 billion. However, weak demand for its products and the resulting financial setbacks has caused the company’s stock price to drop more than 90 per cent.
At the beginning of the year, Racing Point Formula 1 team owner Lawrence Stroll, took a 25 per cent stake in the firm that helped raise a £540 million cash injection. The move also saw Stroll become executive chairman at Aston.
Since then several senior Aston executives, including chief financial officer Mark Wilson and chairman Penny Hughes, have since left the British firm increasing speculation over the future of Palmer’s tenure.
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