This was supposed to be a comeback year for Aston Martin and its retailers with the arrival of its DBX SUV, a major component of the automaker's Second Century business plan issued in 2015.
But halfway into 2020, the British ultraluxury brand — which has struggled financially since going public in 2018 — has experienced more turmoil. The DBX is still set to arrive at dealerships this summer, but it will now go on sale without one of the key executives behind the vehicle, Andy Palmer.
Palmer stepped down as CEO last month. He is to be replaced by Mercedes- AMG CEO Tobias Moers, who is set to start his new role on Aug. 1.
Last week, the automaker said it would cut up to 500 jobs, or about 20 percent of the company's work force, as the COVID-19 pandemic saps consumer demand and the need for vehicle production.
The change in CEO followed the addition of a new executive chairman, Canadian billionaire Lawrence Stroll, in April. Stroll has been instrumental in resetting the company's business plan after the consortium he controls invested $656 million in the automaker in February.
Part of Stroll's fortune has been from investing in fashion brands such as Ralph Lauren, Tommy Hilfiger and Michael Kors.
Ken Gorin, CEO of the Collection, a Miami-area luxury dealership group representing nine brands, including Aston Martin, has known the new chairman for over 25 years and noted that Stroll has dealer experience having owned a Ferrari dealership in Canada.