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Manufacturing

Aston Martin lines up Mercedes boss as CEO departs

Andy Palmer has left the luxury sports car brand with immediate effect just two weeks after quarterly losses hit £118m

Andy Palmer has left the role of Aston Martin chief executive with immediate effect(Image: Richard Williams/WalesOnline)

º£½ÇÊÓÆµ sports car manufacturer Aston Martin has appointed a new chief executive from German giant Mercedes following the abrupt departure of incumbent Andy Palmer.

In a statement to the stock exchange today, Aston Martin said it was agreed yesterday that Mr Palmer would leave the company with immediate effect and be replaced by Tobias Moers later in the summer.

In the interim period Keith Stanton, currently chief manufacturing operations officer, will act as interim chief operating officer.

Mr Moers is currently chief executive of the AMG high-performance division of Mercedes and has a career spanning more than 25 years in senior roles at the brand's owner Daimler AG.

The number of vehicles sold by Aston Martin almost halved in the first three months of the year as it was hit by the beginning of the coronavirus crisis.

This caused quarterly pre-losses to soar to £118.9 million, up from £17.3 million the year before.

The company, which is headquartered in Warwickshire and runs a manufacturing plant at St Athan, in South Wales, had already been struggling before the crisis hit and its share price is down 94 per cent compared with when it listed in October 2018.