Andy Palmer to leave Aston Martin amid collapse in share price

Andy Palmer Set To Be Replaced As Aston Martin CEO

AMG head Tobias Moers could be named as Aston Martin's new CEO as soon as this week, the people said, asking not to be named because the matter is confidential.

Mr Moers, 54, will be appointed to the board of the company as an executive director and will be based at the vehicle maker's headquarters in Gaydon, Warwickshire as of August 1, 2020, Aston Martin said in a regulatory filing to the London Stock Exchange on Tuesday.

Lawrence Stroll, Aston Martin's Executive Chairman, said: "I am delighted to welcome Tobias to Aston Martin Lagonda".

Aston Martin is expected to make an announcement regarding the appointment on Tuesday, according to the Financial Times. He is now Chairman of the Management Board and Chief Executive Officer of Mercedes-AMG GmbH, a position he has held since October 2013.

The stock was worth nearly 550p when the company floated to much fanfare in October 2018, but has plummeted following a strong of poor financial results.

MLB’s financial plan gets chilly reception from players, reports say
As Passan says, it's only the first day of this new plan being in front of the union. For instance, increasing to 94 games would reduce the initial cut from 49.4% to 42%.

After so far resisting easing a nationwide shutdown to avoid another wave of coronavirus infections, Johnson said on Monday outdoor markets and auto showrooms could be reopened from June 1, and all other non-essential retail from June 15, sending the retailers index .FTNMX5370 to a more than two-month high.

The company said Moers, who will be based at its headquarters in Warwickshire, had built a reputation for transforming businesses in tough environments during his 25 years in senior roles at Daimler. His strategy included the ambitious "Second Century Plan", which involved massively expanding the Aston Martin range. Coupled with the effects of the coronavirus, it is felt Aston Martin Lagonda needs a fresh start from the top. Throughout his career he has delivered product expansion, strengthened brand positioning and improved profitability. Also under Moers' tenure, AMG introduced lower-priced, higher-volume models like the A 35 4MATIC and the C 43, which added to AMG's bottom line, but has been seen by some enthusiasts as diluting the brand.

Aston Martin said in a statement that Dr Palmer and the board "agreed that he would step down as president and group chief executive".

"I am proud of you all and it's been an honour to work with you".

Last month Stroll reiterated his belief in the product plan set out by Palmer and his team, focusing initially on the launch of the new DBX SUV, then the Valkyrie hypercar and then a new mid-engined supercar, called Valhalla. I would like to thank my management team and all the staff for their hard work and support, particularly during the challenges presented by COVID-19.

Related News:

Most liked

Trump Calls Reporter 'Politically Correct' Over Mask-Wearing
Former US Vice President Joe Biden visited a veterans memorial in DE on Monday, making his first public appearance in weeks. Trump and his advisers have encouraged states to take steps to reopen and every state is doing so, though rules vary.

Tyson Fury: Wilder Will Be More Dangerous Than The Last Fight!
There will be one dominant figure in the heavyweight division that will have all of the belts and become undisputed. However, AJ is slated to take on Kubrat Pulev, his mandatory challenger, while Fury has to face Wilder once more.

Gianna Bryant and Her Late Teammates Honored During WNBA Draft
He wanted to be there for every single milestone and special moment in our girls' lives. Each was a message of thanks to the WNBA for honoring the fallen athletes .

Government extends furlough scheme by another month as coronavirus lockdown goes on
There is no mention of how that SSP period comes to end, only that the furlough can start at the end of the SSP period. Employers can seek refunds for 80% of pay, up to a £2,500-a-month cap, for workers who would otherwise be laid off.

Pakistan welcomes Afghan govt-Taliban ceasefire for Eidul Fitr
The agreement would allow the United States to withdraw its troops from Afghanistan, after a more than 18-year-long stay. The exchange of prisoners is part of a peace deal inked between the Taliban and the United States in Qatar in February.

No new deaths, 11 new COVID-19 cases today
There have now been 2,530 COVID-19 cases in B.C., of which 2,102 people have recovered - an additional 45 since Saturday. Of the province's 267 active cases, 37 people are hospitalized, of whom seven are in critical care.

Trump commemorates Memorial Day, defends decision to play golf
Fort McHenry's resistance inspired Francis Scott Key to write "The Star Spangled Banner", which later became the National Anthem. According to press reports, most of the 200 guests listening to the speech wore masks, but Trump did not.

Standoff continues at India-China border with no indication of 'positive outcome'
The two sides agreed to "strategic guidance to their respective militaries" to strengthen communication and build trust. During the meeting, Singh was briefed by the Army Chief M M Naravane about the situation at the Line of Action Control.

Health Minister welcomes anti-viral drug Remdesivir for treatment of Covid-19
Early data suggests it can cut recovery time by about four days , but there is no evidence yet that it will save more lives. The researchers tested 1,063 patients in the first double-blind, placebo-controlled trial to test the drug.

Joe Biden makes first public appearance in over two months
The state of DE has urged people to "wear face coverings in public settings" to slow the spread of the coronavirus. The Centers for Disease Control and Prevention advises using a face mask to slow the spread of the coronavirus.

Trump threatens to move Republican National Convention out of North Carolina
The convention decides on the party's official candidate for the following presidential election. Vice President Mike Pence is supporting claims that the convention is crucial for North Carolina.

Musk's SpaceX set for debut astronaut mission, renewing NASA's crewed launch program
After successfully docking, Behnken and Hurley will be welcomed aboard station and will become members of the Expedition 63 crew. The flight is scheduled for Wednesday at 2033 GMT, which will begin a 19-hour trip to the International Space Station.

LATAM Airlines files for bankruptcy as coronavirus slams travel industry
LATAM listed assets and liabilities in the range of $10 billion and $50 billion, according to a filing with the U.S. LATAM will continue to fly while it is in bankruptcy protection, the company said.

Trump demands North Carolina governor allow RNC at full capacity
In North Carolina, there are more than 22,700 confirmed cases and almost 750 coronavirus-related deaths. Trump, meanwhile, has largely refrained from calling out Cooper as he has other Democratic governors.

Grimes And Musk Rename Baby To Comply With California Law
The "A" in the name also represents "Archangel", which she described as her favorite song. "It's just X, like the letter X. He has five other children from his marriage to Justine Wilson, whom he divorced in 2008 after eight years of marriage.