It is now official. Dr. Andy Palmer is being replaced as Aston Martin CEO by Tobias Moers, who currently holds the same position at Mercedes-AMG. This news first came to light only yesterday but now we have confirmation and details. Palmer has agreed to step down from his post and it appears this will be happening immediately. Palmer has been in charge of Aston Martin since 2014.
Moers is scheduled to take over on August 1, 2020 and between now and then Keith Stanton, currently the automaker's Vice President and Chief Manufacturing Operations Officer, will be appointed interim CEO.
Lawrence Stroll, the billionaire Canadian investor and Formula 1 team owner who led a consortium of investors last January to purchase a 25 percent stake in the firm worth about $657 million, remains Executive Chairman.
The choice of Moers to take the helm at Aston Martin is a smart move. In fact, he already has familiarity with the company because AMG's parent company, Daimler, currently owns a 5 percent stake in Aston Martin. AMG is also Aston's supplier for the 4.0-liter twin-turbo V8 found in the Aston Martin Vantage. Moers has plenty of experience in this industry even prior to his soon-to-be-finished tenure at AMG, which began in 2013. For the past 25 years, he's had a number of senior roles at Daimler and is also AMG's acting Chief Technical Officer.
Under his leadership, the Mercedes-AMG GT and AMG GT 4-door were launched and familiar vehicles like the AMG C63 and AMG E63 continued to flourish. Mercedes-AMG has more than doubled its portfolio and quadrupled the number of vehicles sold under Moers' watch. It's easy to see why Stroll wanted to bring him on board.
"The Board has determined that now is the time for new leadership to deliver our plans," 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 recognize his leadership through the current challenges and uncertainties presented by Covid-19."
As for Palmer, it was under his leadership that the current Vantage, DB11, and DBS Superleggera were all launched. The Aston Martin DBX SUV and the Wales production facility it calls home are also his doing. The upcoming Valkyrie hypercar is another part of the Palmer legacy.
"It has been a privilege to serve Aston Martin Lagonda for almost six years," Palmer said. "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 honor to work with you."