Stroll on Tuesday said the board had decided "now is the time for new leadership to deliver our plans".
"I am delighted to welcome Tobias to Aston Martin", said Stroll.
"He is an exceptionally talented automotive professional and a proven business leader with a strong track record", Stroll says, noting that Aston intends to continue its technical partnership with AMG.
"The launch of many new products including the new DBX demonstrates the dedication and capability of our employees", Palmer said.
Mr Palmer, who joined Aston Martin from Nissan in 2014, has been focused on the introduction of the pivotal DBX, a US$189,000 sport-utility vehicle at the heart of Aston Martin's comeback strategy.
In contrast, Moers managed to double AMG's product portfolio and quadruple its sales during his time there, as well as lay the groundwork for future expansion.
"Throughout his career he has delivered product expansion, strengthened brand positioning and improved profitability". The company has seen its shares fall more than 90 per cent since the initial public offering.
In the company statement to the stock exchange on Tuesday, Palmer said: "It has been a privilege to serve Aston Martin Lagonda for nearly six years".
He thanked management and staff for "their hard work and support, particularly during the challenges presented by Covid-19". "I'm proud of you all and it has been an honour to work with you".
And with Stroll keen to move Aston Martin in a new direction, the long-time Daimler executive is seen as a flawless candidate.
Besides naming Schiemer as new CEO, Mercedes-AMG has appointed Jochen Hermann as new CTO.
Instead, sales stalled, inventory piled up and Aston Martin found itself short of cash earlier this year even before the coronavirus threw the auto industry into a virtual standstill.