Aston Martin set to OUST CEO Andy Palmer in favour of AMG’s Tobias Moers: Now OFFICIAL

Press reports this weekend declare that Aston Martin CEO Andy Palmer is set to be ousted and replaced by Mercedes AMG’s Tobias Moers.

Update: Following on from this story yesterday, AML has now officially announced Tobias Moers will be the new CEO of AML. A key paragraph in the announcement perhaps sums up what AML expect from Moers, and also where they see Andy Palmer’s shortcomings:

Under Tobias’ leadership, Mercedes-AMG has more than doubled its product portfolio and quadrupled the number of AMG units sold, with a clear pipeline of further expansion opportunities, especially in electrification of powertrains in the performance segment. Tobias’ focus on operating and manufacturing efficiency has delivered significant margin expansion. This strong financial performance was supported by the introduction of a clear brand management strategy, which delivered a measurable increase in brand value and awareness.

Aston Martin Lagonda hasn’t got the most successful financial record in the car industry (which may just be a bit of an understatement) despite producing cars still considered the coolest, and perhaps the most beautiful (interior excepted), on the planet.

But the last few years, despite the core of Vantage and DB11, has seen AML struggle, and a plethora of ‘specials’ seems to have caused AML to lose focus on the basics of the company.

Yes, the DBX SUV is a great plan – and seemingly the only ‘get out of jail free’ card up AML’s sleeve – but it’s arrived far too late in the scheme of things. And did AML need to build a new factory in Wales to build it?

To add even more pain to the situation, the Covid-19 outbreak has seen AML post a loss of £120 million for the last quarter, and it’s much vaunted – and not exactly successful – IPO in 2018 has proved a disaster as the share price sits at just 10 per cent of the initial offering price.

But, as has been the case before for AML, there’s a new ‘White Knight’ in the guise of billionaire Lawrence Stroll, and that means big changes. Including, according to a report from the FT, the ousting of CEO Andy Palmer, who will be replaced by AMG’s Tobias Moers. And that will happen tomorrow.

If true, it will doubtless see an increased influence by Daimler – which already holds a five percent stake in AML and supplies engines an more – as Moers takes the reins.

All should be clarified tomorrow.