Chief executive officer of UK based luxury car manufacturer Aston Martin Lagonda Global Holdings PLC (LON: AML) Andy Palmer will be exiting the position in a management reshuffling process the company is undertaking.
A direct involved source that declined being revealed since they aren’t mandated to speak about the matter in the public, disclosed Palmer is set to be replaced by CEO of Mercedes-AMG Tobias Moers.
In an email reply to reporters, Aston Martin acknowledged being in a process of reviewing its management positions but failed to comment anything concerning fate of the current chief executive.
Daimler AG (DAIG), the mother company of Mercedes Benz owns 5% stake at Aston Martin additionally it supplies Aston Martin with Mercedes Benz engines. When reached upon Daimler declined to give a comment on the matter.
Last week, the Financial Times became the first to report on the matter after making a publication indicating Aston Martin was in the process of shaking-up its top management positions and that the changes would be communicated this week.
According to the Financial Times, current CEO Palmer in unaware of the upcoming announcement slated for this week.
Just before coronavirus kicked in, Canadian billionaire Lawrence Stroll invested 200 million pounds ($263 million) for 20% stake in the company at a financing round held by the British automaker in January.
The company admits being negatively affected by the pandemic just like many companies have been globally, Aston Martin was forced down to suspend operations or even close down operations completely in some plants globally.
“We were obviously fairly significantly hit by COVID-19, starting with China in January but more clearly in what we saw as it came across towards Europe and the United States,” said Palmer in the beginning of the month.