Aston confirms management talks following Financial Times report that AMG boss Tobias Moers is being lined up to take top job on Tuesday.
Aston Martin has confirmed it is reviewing its management team, following speculation that boss Andy Palmer will be replaced at the helm of the company by AMG boss Tobias Moers on Tuesday in a report in the Financial Times.
The British sports car maker has responded to the report in a brief written statement. It said: “Aston Martin Lagonda notes recent press speculation. The company confirms that it is reviewing its management team and a further announcement will be made as and when appropriate.”
Palmer’s position as chief executive has been the subject of speculation since billionaire Lawrence Stroll led a consortium that bought 25 per cent of the firm last month, selling part of that shareholding on to another consortium led by Mercedes-AMG F1 team principal Toto Wolff.
Last month Stroll reiterated his belief in the product plan set out by Palmer and his team, focusing initially on the launch of the new DBX SUV, then the Valkyrie hypercar and then a new mid-engined supercar, called Valhalla.
However, with Palmer having led the firm to its public IPO in 2018, and then overseen setbacks – including a $200m loss in the first three months of this year – that led to the share price falling by 90 per cent from that point, his position now appears to be under threat.
Mercedes has yet to respond following a request by Autocar to confirm that Moers was leaving the firm. Moers has notably grown AMG’s presence and profits since taking the helm of the lucrative performance division of Mercedes, which owns a stake in Aston Martin and is an engine and component supplier to the firm.