As you all know, Aston Martin Lagonda isn’t enjoying the best of times. Not only did the British automaker had plenty of financial trouble in the past year or so, but chief executive officer Andy Palmer appears to be overwhelmed by other issues as well. Namely, the company’s market valuation.
“Following a 98 percent collapse in the share price” since Aston Martin Lagonda went public on the stock market, Financial Times (subscription required) reports that Andy Palmer has been sacked. In his place, the higher-ups controlled by executive chairman Lawrence Stroll have apparently nominated a certain man by the name of Tobias Moers. You know, the boss of Mercedes-AMG.
Palmer told the cited publication “he was unaware” about the sacking “and declined to comment further” on this topic. Aston Martin’s communications department, on the other hand, has confirmed that it’s “reviewing its management team” at the present moment. Yes, the writing is on the wall.
Elevated to the role of chief exec in October 2014, Palmer managed to bring Aston Martin to new heights during the earliest part of his tenure in Gaydon. He’s also the guy who pushed for the DBX as the automaker’s first SUV, and under his guidance, the Valkyrie project came true with the help of Red Bull Racing’s chief technical officer.
For all his good intentions at Aston Martin, it appears that Palmer just couldn’t cut the mustard in terms of market valuation. A public company’s fate is interconnected with the shareholders, and when times are tough, the board of directors has no mercy in plucking off unproductive executives.
Also worthy of note, it’s more than certain that Canadian billionaire Lawrence Stroll had a lot to do with this reshuffle. His consortium bought 20 percent of Aston Martin Lagonda at the beginning of the year for approximately 200 million pounds sterling. As part of the deal and Stroll’s control over Racing Point, the Aston Martin works team will compete in Formula 1 from 2021.
The implications of Moers heading Aston Martin Lagonda could also lead to an interesting switch of seats in the drivers’ market. Lance Stroll is certain to stay with the team for 2021, but Sergio Perez could be dropped for a different driver. Mercedes-AMG F1 boss Toto Wolff, has also purchased a stake in Aston Martin Lagonda earlier this year. Because of this, many pundits have set the rumor mill alight with the hearsay about Toto’s imminent departure.
Palmer told the cited publication “he was unaware” about the sacking “and declined to comment further” on this topic. Aston Martin’s communications department, on the other hand, has confirmed that it’s “reviewing its management team” at the present moment. Yes, the writing is on the wall.
Elevated to the role of chief exec in October 2014, Palmer managed to bring Aston Martin to new heights during the earliest part of his tenure in Gaydon. He’s also the guy who pushed for the DBX as the automaker’s first SUV, and under his guidance, the Valkyrie project came true with the help of Red Bull Racing’s chief technical officer.
For all his good intentions at Aston Martin, it appears that Palmer just couldn’t cut the mustard in terms of market valuation. A public company’s fate is interconnected with the shareholders, and when times are tough, the board of directors has no mercy in plucking off unproductive executives.
Also worthy of note, it’s more than certain that Canadian billionaire Lawrence Stroll had a lot to do with this reshuffle. His consortium bought 20 percent of Aston Martin Lagonda at the beginning of the year for approximately 200 million pounds sterling. As part of the deal and Stroll’s control over Racing Point, the Aston Martin works team will compete in Formula 1 from 2021.
The implications of Moers heading Aston Martin Lagonda could also lead to an interesting switch of seats in the drivers’ market. Lance Stroll is certain to stay with the team for 2021, but Sergio Perez could be dropped for a different driver. Mercedes-AMG F1 boss Toto Wolff, has also purchased a stake in Aston Martin Lagonda earlier this year. Because of this, many pundits have set the rumor mill alight with the hearsay about Toto’s imminent departure.