After a week of speculation, Aston Martin Lagonda has confirmed that CEO Andy Palmer [pictured above] has been replaced by Mercedes-AMG chief executive Tobias Moers [pictured below].
Palmer entered the Aston Martin fold in 2014, following an extended period at Nissan and Infiniti. The forthcoming Aston Martin DBX (the firm's first SUV), and the Valkyrie, Valhalla, and Vanquish mid-engined supercar triple-threat were all among the projects he helmed.
"It has been a privilege to serve Aston Martin Lagonda for almost six years," said Palmer in Aston Martin's official press release. "The launch of many new products including the new DBX demonstrates the dedication and capability of our employees. 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 honour to work with you."
Despite positive press around the DBX and some of the brand's other recent models, its losses have been undeniable. Aston Martin confirmed earlier this month that it had lost £119 million in the first three months of 2020 in part due to the Covid-19 pandemic — recording a 45 per cent drop in vehicle sales compared to the same three months in 2019. This was on top of a decline in Aston Martin's share-price value dating back to its public listing back in 2018.
Moers, who has led Mercedes-AMG since 2013, arrives at Aston Martin as the engineering partnership between the pair is at its strongest and as AMG experiences something of a rennaisance.
“I am truly excited to be joining Aston Martin Lagonda at this point of its development," said Moers. "I have always had a passion for performance cars and relish the chance to work for this iconic brand which I was close to on the technical side at the beginning of the partnership between the two companies.
"I believe that there is a significant opportunity to harness the strengths of the business to successfully deliver the planned product expansion and brand elevation. I am looking forward to working with Lawrence and the whole Aston Martin team to build a stronger business for our customers, our employees, our partners and our shareholders."
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The at Aston Martin naturally mean changes at Mercedes-AMG, too. Philipp Schiemer is the new CEO, having been with Daimler Group since 1997. Jochen Hermann is the new Chief Technology Officer.
"With Philipp Schiemer and Jochen Hermann, we will have two very experienced executives leading AMG”, said Daimler AG and Mercedes AG Chairman of the Board of Management, Ola Kallenius. “They will be able to take AMG’s development forward, including ensuring that electrification plays a key part in our high performance brand’s future product portfolio.
"Tobias Moers has led the AMG brand to great success and we would like to thank him warmly for all his achievements at Daimler. We have mixed emotions about his departure. On the one hand we are losing a top executive, but at the same time we know that his expertise will be of great value to Aston Martin, a company with which we have a longstanding and successful partnership."