Mercedes, using Lawrence Stroll (the world’s poorest billionaire) as a front, today announced the official termination of Andy Palmer’s tenure as the CEO of Aston Martin with immediate effect. Palmer has led Aston Martin since 2014. Mercedes will replace Palmer with the CEO of the company’s AMG division, Tobias Moers. Moers will eventually relocate to Warwickshire, England on 1 August at which point he picks up the reigns from Palmer.
Andy Palmer led Aston Martin to a stock market flotation, but the initial good times were short-lived. The company’s share price nosedived 98 percent from when it first listed in 2018. Lower than expected sales further compounded matters. The coronavirus pandemic was a sledgehammer and nails in Palmer’s coffin.
Whereas the likes of low volume luxury manufacturers such as Bentley, Rolls Royce have weathered the pandemic storm Aston Martin has been sailing into a hurricane for the last two years. Lawrence Stroll has injected cash that saved Aston Martin from near bankruptcy at a moment when Banks and lenders considered Aston Martin to be to high risk.
From that point on Andy Palmer was reduced to a zombie CEO. But don’t feel sorry for Palmer. He personally benefitted from Aston Martin’s stock market floatation and pocketed a good few million as a result.