Former Mercedes-AMG chairman and CEO Tobias Moers has been confirmed as the new President and Group Chief Executive of Aston Martin Lagonda, replacing Andy Palmer.
The news, made official on Tuesday morning, comes after initial reports in UK media over the weekend that Palmer had been ousted amid continued financial struggles inside the British manufacturer, which went public in 2018.
According to The Guardian, Aston Martin lost more than 60 percent of its market value since the start of the year and is now worth only one-tenth of its value prior to being floated onto the stock market.
In January, Canadian billionaire Lawrence Stroll made a substantial investment into the company and has since become executive chairman.
Moers, 54, will also be appointed to AML’s board as an executive director when his job take effect on Aug. 1.
With Palmer’s exit effective immediately, Aston Martin’s Vice President and Chief Manufacturing Operations Officer Keith Stanton has been appointed interim COO to support Stroll.
“The board has determined that now is the time for new leadership to deliver our plans,” said Stroll.
“On behalf of the board, I would like to thank Andy for his hard work, personal commitment and dedication to Aston Martin Lagonda since 2014.
“In that time the company has successfully renewed its core sports car range, with the DB11, Vantage and DBS Superleggera and has brought the brand’s first SUV, DBX to a point of readiness for deliveries to start in the summer.
“Furthermore, the development of the era-defining Aston Martin Valkyrie hypercar has paved the way for the mid-engined range to come. I would also like to recognize his leadership through the current challenges and uncertainties presented by COVID-19.”
Stroll said Moers is an “exceptionally talented” automotive professional with “proven” experience and success in the business.
“Throughout his career he has delivered product expansion, strengthened brand positioning and improved profitability,” Stroll said.
“He is the right leader for Aston Martin Lagonda as we implement our strategy for the business to achieve its full potential.”
Moers added: “Following the arrival of Lawrence, as Executive Chairman, the significant investment from his Yew Tree Consortium, the completion of the equity raise and the reset, I believe that there is a significant opportunity to harness the strengths of the business to successfully deliver the planned product expansion and brand elevation.
“I am looking forward to working with Lawrence and the whole Aston Martin team to build a stronger business for our customers, our employees, our partners and our shareholders.”