Aston Martin sacks chief Andy Palmer

Aston Martin is sacking its chief executive, Andy Palmer, following a 98% collapse in the luxury car company’s share price since it floated on the stock market less than two years ago. The company, famous for making James Bond’s favourite car, is expected to announce on Tuesday that it is replacing Palmer, who has served as Aston Martin’s CEO since 2014, with an executive from Mercedes. Earlier in May, the company reported that losses had ballooned to £119m in the first three months of the year as the coronavirus pandemic caused the already struggling British car maker’s sales to plunge across the world.