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.
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."
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.