Dr Andy Palmer is to leave his position as boss of Aston Martin amid a collapse in the luxury car-maker’s share price.
The firm announced that he is to be replaced as chief executive by Tobias Moers, who currently runs Mercedes-AMG, which is the German manufacturer’s high-performance division.
The number of vehicles sold by Aston Martin almost halved in the first three months of the year, as it was hit by the beginning of the coronavirus crisis.
This caused loss before tax to soar to £118.9 million, up from £17.3 million the year before.
The company had already been struggling before the crisis hit, and its share price is down 94% compared with when it listed in October 2018.
NEWS: Aston Martin Lagonda is pleased to announce the appointment of Tobias Moers, as Chief Executive Officer.— Aston Martin (@astonmartin) May 26, 2020
Tobias, 54, will take over from Andy Palmer and will formally join on 1 August 2020.https://t.co/fMrO0ok3NV#AstonMartin pic.twitter.com/9CJOBdNdxH
Aston Martin said in a statement that Dr Palmer and the board “agreed that he would step down as president and group chief executive”.
Dr Palmer said: “It has been a privilege to serve Aston Martin Lagonda for almost six years.
“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.”
The firm’s executive chairman, Lawrence Stroll, thanked Dr Palmer for his “hard work, personal commitment and dedication” but claimed “now is the time for new leadership to deliver our plans”.
Mr Moers will join on August 1 and will be based at the company’s headquarters in Gaydon, Warwickshire.
He said: “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.”