Mercedes-AMG boss takes charge of Aston Martin: Andy Palmer ousted as President and CEO

Mercedes-AMG boss, Tobias Moers has been appointed to replace Dr Andy Palmer as the CEO of Aston Martin after a tumultuous sales performance in the recent past and dropping share prices.

By:Updated: May 27, 2020 7:22 PM

The Board of Aston Martin Lagonda Global Holdings has asked Dr Andy palmer to step down as President and CEO of the group. In place, former Mercedes-AMG boss, Tobias Moers will assume the role of Executive Director taking over from Palmer. Moers will be based out of Gaydon Warwickshire and will begin his new role from August 1, 2020. In the interim period, current Vice President and Chief Manufacturing Operations Officer, Keith Stanton has been appointed as the Chief Operating Officer who will support the Executive Chairman, Lawrence Stroll.

Dr Andy Palmer was appointed after Dr Ulrich Bez, former head of Aston Martin assumed an ambassadorial role in the company. Palmer joined from Nissan and served almost six years at Aston Martin. During the time, Aston Martin conceived its latest generation of cars like the new DB11, latest V8 Vantage, the DBS Superleggera and the upcoming DBX SUV.  While also creating the foundations of the upcoming Valkyrie Hypercar and the new V6 engine that is expected to arrive.

Aston Martin went public recent, however, with share prices falling drastically and the company losing money, at the last moment, Racing Point F1 team owner and Canadian businessman, Lawrence Stroll acquired the brand and also injected funds to save the brand. As Daimler AG owns a minority stake at Aston Martin Lagonda, with the recent acquisition by Stroll, the board has decided to appoint Moers who will bring more than 25 years of experience in senior roles at Daimler AG to direct the brand.

Moers is currently the Chairman of the Management Board, CEO and acting CTO of Mercedes-AMG, a position he has held since 2013. Under Moers’ leadership, Mercedes-AMG has been able to double its product portfolio and quadruple sales.

Lawrence Stroll said: “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. I would also like to recognise his leadership through the current challenges and uncertainties presented by COVID-19.”

Upon stepping down, Dr Andy Palmer said: “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 am proud of you all and it’s been an honour to work with you.”

Aston Martin recently inaugurated their new manufacture facility in St. Athan, Wales where it will manufacture its first-ever SUV, the Aston Martin DBX. While the development of the Aston Martin Valkyrie continues, Aston has been at work behind closed doors developing a new twin-turbo V6 engine for its upcoming models.

After the acquisition by Lawrence Stroll, it has been also confirmed that Aston Martin will go back to Formula 1 after exiting the sport with a handful of race entries in 1960. The current Racing Point F1 team will be rebranded as the new Aston Matin F1 Team which will start their campaign from 2021.

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