HomeCar NewsAndy Palmer: Aston Martin boss Andy Palmer to be replaced

    Andy Palmer: Aston Martin boss Andy Palmer to be replaced

    Andy Palmer is going to be replaced by the CEO of Aston Martin in the major management shake-up at the struggling British firm.

    Aston Martin boss Andy Palmer

    However, no official announcements on the departure of Andy Palmer have made. According to some statements the company confirms that it is reviewing the management team. Also mentioned that further will let them know as and when appropriate.

    Andy Palmer joined Aston back in 2014 when the firm was in financial troubles. This oversaw a quick turnaround with the announcement that Aston Martin may develop its first SUV as his first major movie.

    In the year 2018, Andy Palmer leads Aston Martin to its Initial Public Offering (IPO). This initially valued the company four million euros. However, fewer demands of its products and also the less resulting financial setbacks have caused the company stock price to drop. The price drop was about more than 90 percent.

    At the starting of the year, the owner of Racing Point Formula 1 team Lawrence Stroll, took a 25 percent stake in the firm which helped the company to raise. The firm raises up to 540 million euros of cash injection. This move also saw Stroll become the executive chairman at Aston.

    Since then several Aston executives. Such as chief financial officer Mark Wilson and chairman Penny Hughes. They all have left the British firm due to increase in speculation over the future of Palmer’s tenure.

    According to the reports  Mercedes-AMG boss Tobias Moers will take over from Andy Palmer that happen on 26 May.


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