Aston Martin CEO leaves as successor named

Mercedes-AMG C63 S Coupe

ASTON MARTIN confirmed on Tuesday (26) that Tobias Moers, CEO of Mercedes-AMG, would become chief executive on August 1, replacing Andy Palmer who stepped down on Monday (25).

Palmer's substitute, Tobias Moers, will certainly sign up with on 1 August from Mercedes- AMG, where he is presently the one in charge of the German carmaker's high-performance department.

The company's decision to keep its executive pensions in line with those of its workforce comes after a January PLSA report revealing that executive remuneration has remained a key concern for pension scheme shareholders. He has held various management positions within Daimler AG for some 25 years and is now the Chairman of the Executive Board as well as the CEO of Mercedes-AMG GmbH.

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.

"Furthermore, the development of the era-defining Aston Martin Valkyrie hypercar has paved the way for the mid-engined range to come".

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.



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