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Aston Martin Lagonda Global Holdings PLC switches CEO

New chief executive Tobias Moers, currently boss of Mercedes-AMG, will take the wheel from 1 August

() has parted company with chief executive Andy Palmer with immediate effect, sending its shares roaring higher on Tuesday.

Tobias Moers, currently CEO and chairman of the management board of Mercedes-AMG, will take the wheel from 1 August.

Until that date, Keith Stanton, currently chief manufacturing operations officer, will become interim CEO and work alongside executive chairman Lawrence Stroll.

READ: Aston Martin keeps financing options open as coronavirus accelerates supply rebalancing

Palmer, who had led the sports-car maker for almost six years, stepped down as a director on Monday, having overseen almost a 94% decline in the company’s shares since its flotation in late 2018.

After Stroll led a £536mln rescue fundraising of the company he has gradually reshaped the board, with chairwoman Penny Hughes and finance chief Mark Wilson both leaving in April and three non-executives finishing their notice period this week.

Moers, who is 54 years old, has spent more than a quarter of a century at Mercedes owner , including six and a half in his current role at the head of the group’s high-performance arm.

Aston Martin said he has “a successful track record of implementing business transformation in a competitive environment”, noting Mercedes-AMG has more than doubled its product portfolio and quadrupled the number of cars sold. 

The Warwickshire-based company, which lost £104.3mln last year, also highlighted Moers’s focus on operating and manufacturing efficiency, profit margin expansion and brand management strategy.

“He is an exceptionally talented automotive professional and a proven business leader with a strong track record during his many years at AG, with whom we have a longstanding and successful technical and commercial partnership, which we look forward to continuing,” said Stroll.

He added: “All of my and Tobias’ energy will be dedicated to building on the company’s inherent strengths, its brand, its engineering prowess, and the skills of its people to enable Aston Martin to become one of the pre-eminent luxury car brands in the world.”

Shares Aston Martin shifted a gear higher on Tuesday morning, jumping 40% to 49.78p, but still down 72% since the start of the year.

Analysts at broker Peel Hunt noted speculation that the new appointment could herald closer ties between Aston Martin and , who has been an Aston Martin shareholder since 2013 and has a technical partnership for the provision of engines, electrical architecture and entertainment systems to AML. 

   –Adds share price and broker comment–

Read More: Aston Martin Lagonda Global Holdings PLC switches CEO

2020-05-26 08:14:00

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