Andy Palmer stepped down as the Chief Executive Officer (CEO) of the famed British sports-car brand Aston Martin. Overburdened by debt, the brand named Tobias Moers, chief executive of Mercedes-AMG, as its new CEO. The company said on Tuesday that Moers shall overtake the responsibilities from August 1. The decision comes as Palmer’s efforts to revive the brand had faltered. The company’s share price had slumped since a lacklustre initial public offering in October 2018.
Palmer had served as Aston Martin’s chief executive since 2014. And the company confirmed his departure after reports over the weekend. Palmer left the company on Monday. Lawrence Stroll, Aston Martin executive chairman, declared a statement on Tuesday. It stated that the company’s board “determined that now is the time for new leadership to deliver our plans.”
The Finances
Aston Martin Lagonda Global Holdings PLC is the company popular for ‘bonds’ with James Bond. And also, for its aesthetic charm and sturdy performance. The decision to sack Palmer cames as part of a wider board overhaul. This follows a collapse in the company’s share price and a slump in sales because of the coronavirus pandemic. Also, the ousting also appeared quite harsh for Palmer as the company’s shares bolted 28 per cent higher upon the announcement.
Further, The Guardian reported looming concerns over Aston Martin’s finances. Doubts about the company’s finances remain, it should be said. Hence, even after a £171m capital injection from Lawrence Stroll’s consortium, plus the proceeds of a £353m rights issue, Aston Martin still looks stretched given £614m of net debt and a recession. But at least one can see some long-term thinking, as opposed to dreamy optimism, in the boardroom.
Latest Offerings
The latest buzzing offering by the brand is the Aston Martin V12 Speedster. This supercar is a visual delight with its extra-ordinary design. Its inspiration comes from the legendary F/A-18 and developed in collaboration with Boeing. The car is available in Skyfall Silver with contrasting satin black on the exhaust tips, vent grilles and vanes. This beast will be only available only in 88 examples to be delivered by 2021. The beauty designed by Q by Aston Martin runs on a 5.2-litre, Twin-Turbo V12 engine, with a peak output of 700hp and 753Nm of torque. Thus, this super machine has the ability to begin from 62mph (100km/h) in 3.5 seconds on the way to a limited top speed of 186mph (300km/h).
Brand Story
“It’s no secret that beautiful underpins everything that we do at Aston Martin – we are renowned the world over for creating exceptional cars. It has been a part of our story ever since our founding in 1913 and it’s everywhere you look when you experience Aston Martin. Something that is beautiful, however fleeting, leaves a lasting impression. For millennia ‘beautiful’ has been the fuel of the world’s artists, designers, poets, conservationists and architects.
If beautiful is our benchmark, our craft is what leads us there. It always has done. It takes the highest levels of inventiveness, skill and determination. But our eye and talent for design – and the way we dedicate ourselves to adding to the sum total of beauty in the world – is what separates Aston Martin from the rest. We explore the depths of our collective talent to deliver on the promise of an Aston Martin – a vision shared by our customers around the globe.
Despite our heritage, it’s the future that has always shaped us. By continually cultivating our talents for design and engineering innovation, we create timeless luxury cars that are loved the world over. Today, we continue to power the imagination of countless thousands of people who share that vision with us – that an Aston Martin must be beautiful to look at, beautiful to drive and beautiful to own.”
