1:58 pm, July 20, 2020
Former Aston Martin boss Andy Palmer has been named as non-executive chairman of bus maker Optare.
The Brit stood down from the role of president and group CEO of Aston Martin Lagonda in May, and takes over from John Fickling.
British brand Optare is owned by India’s Ashok Leyland, the fourth largest bus maker in the world, and currently builds a range of buses including the UK’s first electric bus.
Palmer said: ‘I am excited to be joining Optare at a pivotal moment in its development.
‘We have ambitious plans to leverage the company’s technological leadership in building a global zero emissions solution platform that will bring long-term value to all stakeholders.’
Palmer has been a non-executive member of the Ashok Leyland board since 2015.
He joined Aston Martin in 2014 from Nissan when the British luxury car company was close to bankruptcy.
Aston Martin Lagonda was floated on the stock exchange in 2018, but the business has suffered financially and was hit particularly hard by the coronavirus pandemic, with shares dropping by more than 90 per cent.
The group recorded a £120m loss in the first three months of this year, with turnover falling by 60 per cent to £78.6m.
Along with Jaguar Land Rover, Aston Martin Lagonda took park in an online summit last week to decide on a plan to stem a massive tide of job losses.
Aston Martin Lagonda, alone, has axed 500 jobs in an effort to restructure and save £10m.
- Got a beef with your car manufacturer? Love your suppliers? Tell us why in our Car Dealer Power survey here.
- Get the latest news updates in our WhatsApp group. Broadcast only, headlines direct to your phone. Send us a message and ask to join here.
- Car Dealer Magazine Issue 148 can be read for free here.
