As has been rumoured within the industry, Andy Palmer – CEO of Aston Martin for the last 6 years – has stepped down from the role as part of a restructuring within the troubled luxury car maker. Aston Martin has struggled badly – even before the current covid-19 crisis – and has seen a 94% fall in share prices since the company was floated in 2018.
The role will be filled in the interim by Keith Stanton, before Tobias Moers takes on the role of Chief Executive of Aston Martin from August 1st. Mr. Moers comes to Aston Martin from AMG, the performance arm of Mercedes Benz, where he is currently CEO. The news was favourably recognised by the markets, which saw a 40% surge in share prices in Aston Martin on the day of the announcement.
Having sold more than 1000 vehicles in the first quarter of 2019, sales of Aston Martin cars were down to 578 in the corresponding period for 2020. The covid-19 crisis will account for some of the drop, but the difference is hugely significant for a manufacturer of this ilk.
Instrumental in the change of leadership is Lance Stroll, the Canadian billionaire who as part of a consortium invested £182million in Aston Martin-Lagonda. Stroll is also part owner of the Racing Point Formula One team, which will be rebranded Aston Martin for the 2021 season. Regarding the appointment of Moer, Stroll said he is “the right leader for Aston Martin Lagonda as we implement our strategy for the business to achieve its full potential”.
Stroll added: “Our ambition for the company is significant, clear and only matched by our determination to succeed.”
About his appointment, Moers quoted: “I am truly excited to be joining Aston Martin Lagonda at this point of its development. I have always had a passion for performance cars and relish the chance to work for this iconic brand.”
It remains to be seen how Aston Martin-Lagonda, as with many other brands in the luxury vehicle sector, will fare as the covid-19 crisis eases, and at Supercartribe we will be keeping an eye on progress of one of our favourite brands.