“The board has determined that now is the time for new leadership to deliver our plans.” That’s the announcement Canadian financier and Aston Martin executive chairman Lawrence Stroll made Tuesday as news broke that CEO Andy Palmer would step down, effective immediately. In his place, the automaker will eventually take on ex-Mercedes-AMG head Tobias Moers as of August 1, 2020. The British automaker had already brought in powertrains and technology from Mercedes, and now those ties bind even closer as Moers moves to steer the company into the future.
While Aston Martin has touted the impending arrival of its DBX crossover and its new plant in St. Athan, Wales, the company has been in a tough spot these past few years. Palmer did bring the company back from the brink when he took over in 2014, but now Stroll is overseeing a larger shakeup after investing £540 million (about $656 million) into rescuing the struggling brand earlier this year.
As the effects of coronavirus continues to ripple across the industry, we’ll have to wait and see just how Moers is able to right the ship when he takes over the reins in August. While Aston Martin’s stock plummeted within the past few months, shares did surge 35 percent on Tuesday on the company announcing Moers as its new CEO.
Stroll continued to say in the announcement, “Throughout [Moers’] career he has delivered product expansion, strengthened brand positioning and improved profitability. He is the right leader for Aston Martin Lagonda as we implement our strategy for the business to achieve its full potential.”