Aston Martin Appoints Mercedes-AMG boss Tobias Moers as New CEO

Aston Martin announces Dr. Andy Palmer will be stepping down as President and Group Chief Executive and Mercedes-AMG boss Tobias Moers appointed as the new CEO.

It’s been an eventful year so far for Aston Martin. It’s no secret the share price has taken a battering since the brand’s 2018 IPO (falling to almost 90% below the initial listing price) and seeking a much-needed cash injection into the business to be able to deliver on the highly anticipated DBX SUV, Aston Martin accepted a 20% ownership bid from Canadian billionaire Lawrence Stroll and the Yew Tree investment consortium earlier this year.

A savvy businessman who has already made his own fortune in the expansion of fashion brands like Michael Kors and Tommy Hilfiger, Lawrence was appointed Executive Chairman of Aston Martin in April and not long after announced his Formula 1 team “Racing Point ” would be rebranded as Aston Martin from 2021 in a bid to return the luxury automaker back to Formula 1.

Now the latest shake-up comes via the management team as Aston Martin confirms that Dr. Andy Palmer will be stepping down as President and Group Chief Executive of the luxury auto group and will be replaced by Mercedes AMG boss Tobias Moers.

Having led at the helm of Aston Martin since October 2014, Dr. Andy Palmer’s time brought fresh life to the British marque with his tenure including the launch of the new twin-turbo V12 DB11, V8 Vantage, Valkyrie, DBS Superleggera and the DBX SUV.

Acknowledging Andy Palmer’s legacy at Aston Martin, Lawrence Stroll shared, “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.”

In a message to his team at Aston Martin, Dr. Andy Palmer noted “it has been a privilege to serve Aston Martin Lagonda for almost six years. The launch of many new products including the new DBX demonstrates the dedication and capability of our employees. I would like to thank my management team and all the staff for their hard work and support, particularly during the challenges presented by COVID-19. I am proud of you all and it’s been an honour to work with you.”

Taking over the reigns from Dr. Andy Palmer, Tobias Moers is set to join the team from August 1 at the Gaydon headquarters having previously spent more than 25 years at Daimler AG in senior roles and most recently headed Mercedes-AMG GmbH as Chairman of the Management Board and Chief Executive Officer since 2013.

Speaking on his new appointment at Aston Martin, Tobias Moers shared, “I am truly excited to be joining Aston Martin Lagonda at this point of its development. I have always had a passion for performance cars and relish the chance to work for this iconic brand which I was close to on the technical side at the beginning of the partnership between the two companies. 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.”

Having quadrupled sales during his time at Mercedes-AMG, Tobias Moers reputation proceeds him well and he will do doubt have a few expectations on his shoulders to deliver the turn-around Aston Martin shareholders are looking for.