British luxury car manufacturer Aston Martin contemplating adjustments to its management team after current chief executive Andy Palmer is expected to leave in a shuffle of decks aimed at revitalizing the struggling carmaker.
An announcement that is yet to happen officially is expected to announce Tobias Moers, current CEO at Daimler AG’s Mercedes-AMG unit as the next chief executive of the organization.
Andy Palmer
Mr. Palmer joined Aston Martin from Nissan in 2014 and guided the carmaker public in 2018. Its shares have dropped by more than 90 percent since the offering as it endured from oversupply to its dealerships and a slowdown among luxury buyers. The group recorded a $146m loss in the first three months of 2020, in part because factories and dealers closed due to coronavirus.
The company could need to accumulate more funds and take additional steps to cut costs and handle cash as the fall of car sales caused by the pandemic halted a turnaround plan.
Orders for its pivotal DBX model have remained to grow even with most of its showrooms closed. Deliveries of the DBX, a $189,000 sport-utility vehicle at the heart of Aston Martin’s comeback strategy, are on track to begin in summer. The company is depending on DBX selling in higher volumes than the iconic sports cars made famous in the early James Bond movies.
Mr. Palmer has said the company requires investing in new products so Aston Martin can come out of the coronavirus crisis in a position of strength. The company plans to launch derivative models to the DBX in 2021.
