LONDON -- Incoming Aston Martin CEO Tobias Moers has agreed to a salary that is substantially below that of Andy Palmer, whose job he takes over at the struggling luxury UK automaker.
Moers is moving to Aston Martin from his current job as head of Mercedes performance arm AMG and will be paid 850,000 pounds ($1.05 million) a year, compared with the 1.2 million pounds a year Palmer received, according to filings to the UK stock exchange.
Moers' annual bonus scheme is potentially worth 200 percent of his salary compared with the 225 percent Palmer received.
Palmer had his bonus cut from 300 percent to the current rate for the current financial year following recommendations from the company's remuneration committee, according to the 2019 annual report published in March.
Palmer was paid no bonus for the 2019 financial year after the "threshold targets for adjusted EBITDA and net leverage [debt] were not met," the company report said.