Luxury sports car manufacturer Aston Martin has appointed a new chief executive from German giant Mercedes following the abrupt departure of incumbent Andy Palmer.
In a statement to the stock exchange today, Aston Martin said it was agreed yesterday that Mr Palmer would leave the company with immediate effect and be replaced by Tobias Moers later in the summer.
In the interim period Keith Stanton, currently chief manufacturing operations officer, will act as interim chief operating officer.
Mr Moers is currently chief executive of the AMG high-performance division of Mercedes and has a career spanning more than 25 years in senior roles at the brand's owner Daimler AG.
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 quarterly pre-losses to soar to £118.9 million, up from £17.3 million the year before.
The company, which is headquartered in Warwickshire and runs a manufacturing plant at St Athan, in South Wales, had already been struggling before the crisis hit and its share price is down 94 per cent compared with when it listed in October 2018.
Aston Martin said in a statement that Mr Palmer and the board "agreed that he would step down as president and group chief executive".
Mr Palmer said: "It has been a privilege to serve Aston Martin 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."
Executive chairman Lawrence Stroll, who only formally took up the role in April, thanked Mr 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."
