- Aston Martin

Aston Martin CEO Andy Palmer exits as share price tanks

Andy Palmer is stepping down as the CEO of Aston Martin as AMG chief Tobias Moers take the reins

Aston Martin is a company that has gone bankrupt more times than Donald Trump and has made going bust a part of its 'Brand Identity.' And despite a nearly £500 million investment earlier this year, the future isn't looking bright for 007's favorite automaker.

Back in January of 2019, Aston Martin made their first-ever debut on the public stock exchange, and while CEO Andy Palmer touted financial glory, the stock is now worth $0.60, 27 times less than its initial value of $16.00.

Andy Palmer

Andy Palmer

And over that same amount of time, Ferrari's stock price has damn near doubled, despite the recent economic turmoil.

And after over £120 million in losses in the first quarter of 2020 alone time has run out for Aston's CEO, Andy Palmer.

The story broke earlier today that Palmer was due to be replaced as early as Tuesday, reportedly with Tobias Moers, who currently runs Mercedes-Benz's AMG division. Aston Martin has confirmed, "that it is reviewing its management team and a further announcement will be made as and when appropriate."

Aston Martin

Aston Martin

Palmer started at Aston in 2014 and championed 'The Second Century Plan.' The resulting vehicles being the DB11, DBS, Vantage, and the DBX SUV. However, as Coronavirus ravages the world, Aston has had to slow DBX production, amid already slow sales of the Vantage.

But if there is a man to save Aston Martin Tobias Moers might just be the one. Well recognized for having turned the AMG brand around Moers is skilled in bringing fledgling sports car manufacturers back from the dead.

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Comments (3)

  • Guy's name sounds like Arnold Palmer lol. Hope Aston Martin makes it, cool cars!

      1 month ago
  • Stories doing the rounds in the mainstream media stating that the UK government is preparing to take stakes in companies that would otherwise be stable as a bail out.

    Aston Martin has over extended itself with its revolting new SUV, and the coronavirus crisis has come at the worst possible time for them. However, I do believe that it will sell because SUVs are all the rage.

    With the government apparently ready to take a stake in Jaguar Land Rover to keep it going, do we think that the government may yet take a stake in Aston, too?

      1 month ago
    • Maybe, but JLR isn’t a conglomerate that has gone bankrupt over 7 times, and as such, have a greater chance of survival. The government knows full well that Aston’s brand name is powerful enough that someone will buy it. However, whether the...

      Read more
        1 month ago
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