Aston Martin CEO steps down as 007 carmarker hits skids

Ross Houston
May 28, 2020

"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", said Lawrence Stroll in an Aston Martin press release.

Aston Martin has confirmed it is reviewing its management team, following speculation that boss Andy Palmer will be replaced at the helm of the company by AMG boss Tobias Moers on Tuesday in a report in the Financial Times.

Tobias Moers is taking over from 1 August, with Keith Stanton filling the gap as interim chief operating officer.

After the 2018 flotation it was clear to everyone but The City that Palmer would need a lot more money to secure the company and its new DBX SUV to be built at a new factory in Wales, especially as luxury sports auto sales were falling out of a tree and the Far Eastern markets, upon which Palmer and his team had been relying to service loans and keep the share price bobbing along, were starting to falter.

He is replaced by Tobias Moers, head of Mercedes-AMG, the performance division of German vehicle giant Daimler.

Acquiring Moers represents something of a coup for Aston Martin given the success of his track record in recent years.

As for Palmer, he's leaving Aston Martin after leading the company since 2014.

Aston Martin sales halved in the first three months of the year, as the start of the coronavirus crisis took hold.

"The launch of many new products including the new DBX demonstrates the dedication and capability of our employees", Palmer said.

In the two years since its initial public offering in 2018 the business has suffered financially, however, with its share prices falling by more than 90%. "I would also like to recognise his leadership through the current challenges and uncertainties presented by Covid-19". As before, the CEO will work from the company's headquarters in Gaydon, Warwickshire. "I am proud of you all and it's been an honour to work with you". He also oversaw a new technical partnership between the German company and Aston Martin, which would see the latter company adopt the former's engines, drivetrains and electrical components.

"Throughout his career he has delivered product expansion, strengthened brand positioning and improved profitability". As previous rumours had suggested, the British brand will be headed by Daimler/Mercedes from August onwards. He has led the firm's Brazilian arm since 2013. As for his replacement at Mercedes-AMG, Philipp Schiemer will take over the reins of the CEO's role and Jochen Hermann will take over as the CTO. Hermann, on the other hand, is now heading Daimler's e-drive development.

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