Andy Palmer to leave Aston Martin amid collapse in share price

Andy Palmer Set To Be Replaced As Aston Martin CEO

AMG head Tobias Moers could be named as Aston Martin's new CEO as soon as this week, the people said, asking not to be named because the matter is confidential.

Mr Moers, 54, will be appointed to the board of the company as an executive director and will be based at the vehicle maker's headquarters in Gaydon, Warwickshire as of August 1, 2020, Aston Martin said in a regulatory filing to the London Stock Exchange on Tuesday.

Lawrence Stroll, Aston Martin's Executive Chairman, said: "I am delighted to welcome Tobias to Aston Martin Lagonda".

Aston Martin is expected to make an announcement regarding the appointment on Tuesday, according to the Financial Times. He is now Chairman of the Management Board and Chief Executive Officer of Mercedes-AMG GmbH, a position he has held since October 2013.

The stock was worth nearly 550p when the company floated to much fanfare in October 2018, but has plummeted following a strong of poor financial results.

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The company said Moers, who will be based at its headquarters in Warwickshire, had built a reputation for transforming businesses in tough environments during his 25 years in senior roles at Daimler. His strategy included the ambitious "Second Century Plan", which involved massively expanding the Aston Martin range. Coupled with the effects of the coronavirus, it is felt Aston Martin Lagonda needs a fresh start from the top. Throughout his career he has delivered product expansion, strengthened brand positioning and improved profitability. Also under Moers' tenure, AMG introduced lower-priced, higher-volume models like the A 35 4MATIC and the C 43, which added to AMG's bottom line, but has been seen by some enthusiasts as diluting the brand.

Aston Martin said in a statement that Dr Palmer and the board "agreed that he would step down as president and group chief executive".

"I am proud of you all and it's been an honour to work with you".

Last month Stroll reiterated his belief in the product plan set out by Palmer and his team, focusing initially on the launch of the new DBX SUV, then the Valkyrie hypercar and then a new mid-engined supercar, called Valhalla. 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.

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