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Print 2020-05-27
Aston Martin CEO steps down as 007 carmarker hits skids
Aston Martin chief executive Andy Palmer has left James Bond's favourite carmaker as it seeks to recover from crashing demand and ballooning losses, the company said Tuesday. Palmer, who oversaw the company's London stock market float two years ago, agree
Aston Martin chief executive Andy Palmer has left James Bond's favourite carmaker as it seeks to recover from crashing demand and ballooning losses, the company said Tuesday. Palmer, who oversaw the company's London stock market float two years ago, agreed to leave on Monday after six years at the wheel, Aston said in a statement.
He is replaced by Tobias Moers, head of Mercedes-AMG, the performance division of German car giant Daimler. The move comes after Aston clinched a cash injection from Canadian billionaire Lawrence Stroll at the start of 2020.
The flagging automaker's net losses almost doubled last year on weak global demand, while its performance worsened in the first quarter on coronavirus fallout.
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