Aston Martin confirms Mercedes boss Moers will replace CEO Palmer

spike

FILE PHOTO: Tobias Moers, chief executive officer of Mercedes-AMG GmbH speaks with reporters during the media preview of the 2016 New York International Auto Show in Manhattan, New York March 23, 2016. REUTERS/Eduardo Munoz

LONDON (Reuters) – Aston Martin (AML.L) confirmed on Tuesday that Tobias Moers, CEO of Mercedes-AMG, would become chief executive on August 1, replacing Andy Palmer who stepped down on Monday.

The Financial Times newspaper reported over the weekend that Palmer would step down, before he had been informed. A source familiar with the situation had also confirmed to Reuters the planned move.

“The board

Read More

Aston Martin chief to leave, Mercedes-AMG CEO to replace him: source

spike

(Reuters) – Aston Martin (AML.L) Chief Executive Andy Palmer is leaving the business as part of a management shake-up and will be replaced by Tobias Moers, CEO of Mercedes-AMG, a source familiar with the matter told Reuters on Sunday.

Andy Palmer, President and Group CEO, Aston Martin Lagonda, speaks at the opening of the new factory in Saint Athan, Wales, Britain December 6, 2019. REUTERS/Rebecca Naden

The luxury carmaker said in an emailed statement that it is reviewing its management team but declined to comment on Palmer’s fate.

Palmer and Germany’s Daimler AG (DAIGn.DE), which owns

Read More

Aston Martin posts deep loss as coronavirus outbreak hits sales

spike

FILE PHOTO: An Aston Martin logo is pictured at the new factory in Saint Athan, Wales, Britain December 6, 2019. REUTERS/Rebecca Naden

LONDON (Reuters) – Aston Martin (AML.L) posted a first-quarter pretax loss of 119 million pounds ($146 million) after sales dropped by nearly a third due to the impact of the coronavirus outbreak and the destocking of dealers, the carmaker said on Wednesday.

“COVID-19 and the resulting global economic shutdown has had a material impact on our performance this quarter,” said Chief Executive Andy Palmer.

The carmaker, which has seen core retail sales slump by an annual

Read More

UK’s Aston Martin plans to restart St Athan unit, cuts executives’ pay

spike

FILE PHOTO: An Aston Martin logo is pictured at the new factory in Saint Athan, Wales, Britain December 6, 2019. REUTERS/Rebecca Naden/File Photo

(Reuters) – Aston Martin (AML.L) said on Thursday it plans to restart its St Athan factory in south Wales on May 5 and will also resume operations at Gaydon later, after the coronavirus-led shutdowns forced the luxury car maker to suspend production at both sites.

The company also announced pay cuts of between 5% and 35% for its senior leadership team on Thursday, with new boss and Formula 1 team owner Lawrence Stroll electing to

Read More