Earlier this year, automaker Aston Martin warned investors of reduced profits, with Chief Executive Andy Palmer quoted about the company’s fortunes in an article in The Guardian. 2019, Palmer said, was “a very disappointing year.” The company’s profits were down from the previous year, and its stock price had similarly fallen. At the time, Palmer touted the DBX, which was originally slated to begin deliveries in the second quarter of 2020.
Subsequent global events have pushed the DBX’s production schedule back somewhat. And now, it seems likely that Palmer himself may not be at the company’s helm for much longer. A new report from Reuters states that Palmer is on his way out at Aston Martin, with a high-profile replacement set to come from elsewhere in the automotive world.
Chief Executive Andy Palmer is leaving the business as part of a management shake-up and will be replaced by Tobias Moers, CEO of Mercedes-AMG, a source familiar with the matter told Reuters on Sunday.
According to the report, Aston Martin would not comment on Palmer’s position or his future at the company.
Moers has been involved with some bold initiatives at Mercedes-AMG, including the announcement of a commitment to electrified vehicles. It’s an impressive choice for the automaker — though one also feels for Palmer, who might not be in this position had the coronavirus not put a stop to auto production worldwide.
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