Aston Martin boss exits in dramatic restructure

Aston Martin's chief executive, Andy Palmer, will make way as part of a radical restructure aimed at saving the ailing car-maker.

Replacing Palmer, reports the

According to the British newspaper, the announcement of Palmer stepping down is scheduled to happen this Tuesday. When contacted by the FT Palmer told the reporter he had not been informed of the decision, before declining to comment further.

Palmer left Nissan to become chief executive at Aston Martin in 2014, where he led a huge product revival.

Palmer's demise began in 2018 following Aston Martin's decision float on the British stock market, where the share price plummeted by more than 90 per cent.

Oversupply, poor demand for its Vantage model plus a general economic slowdown have all been blamed for the slump in Aston's fortunes.

Gambling on a new factory in Wales to produce its DBX SUV plus a series of expensive borrowing to keep the car-maker afloat have also been contributing factors in the decline of the share price and faith in Aston's boss.

Back in January, Canadian billionaire Lawrence Stroll led a £540 million ($A1bn) rescue deal to prop up the British car-maker, installing him as executive chairman of the group.

Since his arrival, Aston has abandoned its plans to relaunch Lagonda as a luxury pure-electric brand and re-focused the brand on entering F1 as a standalone team and fighting Ferrari with a family of mid-engine supercars.

Stroll's current F1 ream, Racing Point, will rebrand as Aston Martin Works for 2021.

The recruitment of Moers from Mercedes-AMG, meanwhile, is seen as a hugely strategic decision to re-strengthen ties between Aston and the German car-maker.

Mercedes-Benz is a shareholder in Aston Martin and already supplies its V8 engines and other tech for its cars.

With Moers at the helm, it's thought Aston Martin will strengthen its collaboration with Mercedes to include platform sharing and even some manufacturing input from the German brand's factories.