Aston Martin Steals Nissan Executive To Serve as New CEO

Sep 02, 2014 09:30 AM EDT | Jordan Ecarma

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Luxury carmaker Aston Martin has tapped a top Nissan executive after completing its nine-month hunt for a new CEO.

Andrew Palmer, who is Nissan's chief planning officer and executive vice president, will step in as the new chief executive at Aston Martin after a "transition period" from the Japanese automaker, The Telegraph reported.

Aston Martin has been searching for a new CEO since Ulrich Benz, who headed the luxury brand for 13 years, stepped down in 2013.

Palmer has been working for Nissan since 1991 and has served in a range of positions, working in everything from electric vehicles to global sales. He comes to Aston Martin at a time when the automaker is struggling to mitigate increasing losses.

"We're delighted that Andy will join us as our new chief executive at this important time at Aston Martin," Aston Martin said in a statement. "Andy's wealth of experience on the global automotive stage in marketing and sales, engineering and technology, and luxury and brand management will be instrumental in taking Aston Martin forward through its most significant and ambitious period of investment to date."

In October, Aston Martin posted a loss of £24.6 million, or roughly $40.7 million USD. The carmaker opted not to pay a dividend to shareholders. In filed documents, falling profits were credited to a "market segment [that] has been severely affected by recession" and "weakness in European markets and vehicle launches occurring in the fourth quarter."

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