Aston Martin confirms Tobias Moers as new CEO

Sports car maker Aston Martin has confirmed the appointment of Tobias Moers as its new CEO, following the removal of previous CEO Andy Palmers. Moers, who is currently the CEO and Chairman of Mercedes-AMG, will take the position on August 1. Until then, Aston Martin's Chief Manufacturing Officer Keith Stanton will fill in as interim CEO.

Moers has an extensive track record in the industry, having spent 25 years in senior roles at Daimler AG. As CEO of Mercedes, he significantly expanded the firm's product portfolio and expanded its financial performance. Lawrence Stroll, Executive Chairman of Aston Martin Lagonda, said: "He is an exceptionally talented automotive professional and a proven business leader with a strong track record during his many years at Daimler AG, with whom we have a longstanding and successful technical and commercial partnership, which we look forward to continuing. Throughout his career he has delivered product expansion, strengthened brand positioning and improved profitability."

Moers's appointment comes with a considerable amount of pressure, as he will now be expected to achieve what his predecessor Palmer could not: stabilizing the company's performance. Palmer, who was appointed CEO in 2018, led Aston Martin through its IPO only to see its share price collapse despite an aggressive business renewal plan. The firm's situation has only been worsened in recent months by the COVID-19 pandemic.

Given that Mercedes-AMG is a major supplier of components and technology to Aston Martin, Moers's appointment may signal plans for the two firms to deepen their relationship and for Aston Martin to focus more on the strength of its supply chain, and certainly Aston Martin's share price has rebounded on the news for now.