Aston Martin's CEO Andy Palmer may step down

In a statement, Aston Martin said it's reviewing its management team and any announcement will "be made as and when appropriate." The management shakeup comes less than two months after the British sportscar maker brought in new investors led by billionaire Lawrence Stroll, who became executive chairman. 

The 536 million-pound (US$663 million) capital infusion he led was meant to rescue the debt-laden company, which was struggling since Palmer took it public in 2018 with a plan to mimic the success of Italy's Ferrari NV. However, the strategy wasn't effective and the company saw its shares fall 98 percent since the initial public offering. Now to recover, Aston Martin may need to raise more funds and take further steps to cut costs and control cash as the car-sales collapse upends its turnaround plan. To revive its business the company seems to exploring the option of changing its leadership as well. 

As per the report, Palmer could be replaced by the head of Daimler AG’s Mercedes-AMG performance division, Tobias Moers. 

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.

Palmer, who joined Aston Martin from Nissan in 2014, has been focused on the introduction of the pivotal DBX, a US$189,000 sport-utility vehicle at the heart of Aston Martin's comeback strategy. What new strategy will the new new leader bring in and will Tobias Moers be the one to replace Palmer or not, only time will tell. 

Image Credits: Aston Martin