Aston Martin CEO, Andy Palmer has stepped down from the company today after five and a half years at the company. Palmer joined as CEO in October 2014 and came from various management roles at Nissan. Palmer has seen the company though it’s ‘Second Century Plan’ which brought the second generation V8 Vantage, DB11, DBS and the new DBX SUV, the first SUV from Aston Martin. The company also opened its brand new factory in Wales to produce the DBX under his tenure.
Back in 2018, Aston Martin joined the London Stock Exchange. However at the start of 2020, the company has had some financial issues. Aston Martin had £119 million in losses at the start if this year as well as a dip in the share price, of 90%.
Andy Palmer has stepped down as of today, as CEO of Aston Martin and taking over from him is Tobias Moers. Moers is the current chief of Mercedes-AMG which makes some sense as both companies have been working together, the DB11 has a lot of Mercedes switchgear and also the current V8 Vantage has a AMG V8 engine.
Tobias Moers will take over as CEO as of the 1st August 2020. He has been at Daimler (Mercedes’ parent company) for around 25 years and has been working at Mercedes-AMG in one shape or another, since 1994.
Lawrence Stroll, who invested a significant amount in Aston Martin recently and is currently the chairman, said the following about Tobias Moers.
“He is an exceptionally talented automotive professional and a proven business leader with a strong track record during his many years at Daimler, with whom we have a longstanding and successful technical and commercial partnership, which we look forward to continuing. Throughout his career, he has delivered product expansion, strengthened brand positioning and improved profitability.”
Lawrence Stroll – Aston Martin Chairman
It has been an honour and pleasure to be part of the Aston Martin family & to have worked alongside some exceptional women & men. Thanks also to our customers & followers. Aston Martin exists because you believe, as I do, that this company represents something special. Thank you.
— Dr. Andy Palmer (@AndyatAuto) May 26, 2020
Palmer also changed his Twitter handle from @AndyatAston to @AndyatAuto.
Some fans Tweeted today to show their love and respect for Palmer, here are a few:
Gutted you are leaving. I tweeted once I had a problem with my DB11. Within ½ hour you had replied and put the correct people in touch with me. Made my day. Good luck for the future Sir you have shaped AML well whilst battling Brexit and Covid people must remember that. Stay safe
— Andy Kiddell (@AndyKiddell) May 26, 2020
Your connection to your clients is one of the things I most appreciate about you @AndyatAuto ! I count myself as an Aston fan but also an Andy fan.
— Derek Wise (@wizeline) May 26, 2020
One current employee shared his support for Palmer too.
An honour and a pelasure to work for yourself and AML too, wish you all the best in the future, I'll be doing my part to make sure DBX is a success.
— Thomas Jefford (@Thomasjeffy2) May 26, 2020