Aston Martin boss headed towards the exit

Date published: May 26 2020

Aston Martin

Aston Martin CEO Andy Palmer is reportedly on his way out of the door, set to be replaced by AMG boss Tobias Moers.

The reshuffle comes after a trying two years for the luxury carmaker, with its valuation plummeting from £4.3bn in 2018 to £540m after it was floated.

“The company confirms that it is reviewing its management team and a further announcement will be made as and when appropriate,” Aston Martin said.

AMG boss Moers is expected to be announced as Palmer’s replacement.

Aston Martin recently received a massive cash injections courtesy of investor Lawrence Stroll, who not only bought shares in the business but also, at least reports suggest, persuaded his good friend and Mercedes motorsport boss Toto Wolff to do the same.

Under Stroll’s guidance, next year the Racing Point F1 team will carry the Aston Martin branding, however, the company has been involved in F1 since 2016.

Aston Martin teamed up with Red Bull back then with Palmer leading the charge towards F1, becoming a title sponsor of the four-time World Champions.

Aston Martin will part ways with Red Bull at the end of 2020, switching to Racing Point.

Stroll told Autosport: “Our ambition for the company is significant, clear and only matched by our determination to succeed.

“The rights issue and the investment that I, and my co-investors in the consortium, have made has underpinned the financial security of, and our confidence in, the business.”

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