Aston Martin To Sack CEO Andy Palmer As Company Shares Plummet

Aston Martin is sacking its six-year CEO Andy Palmer following a 98% collapse in the luxury car company’s share price since it went public two years ago. The chief executive could be replaced as early as this week, with Mercedes-Benz AMG division boss Tobias Moers already prepared to take his place. If Tobias Moers is indeed set to take over as CEO of Aston Martin, he'll have his work cut out of him.Coupled with the largest hit in production and sales across the entire automotive industry, it'll be an uphill climb for Aston. Moers has been credited for growing the AMG brand, and with it, making a significant profit as the performance division of Mercedes. It is also likely that ties between Mercedes and Aston will grow stronger, with the 107-year old British manufacturer having used AMG V8 engines in several of its cars in recent years.Aston Martin’s shares had collapsed from £19 a share when the company went public in October 2018 to 35p last Friday. That pushes its market value to £562m, compared with more than £4 billion on flotation which paved the way for Palmer's exit.