Automaker Aston Martin Lagonda was an absolute star on the London stock market on Tuesday, after confirmation of the news that the British company CEO Mercedes-AMG’s Tobias Moers has found to take the helm. The stock price shot up 40 percent.
Moers will take over the position of Andy Palmer who has stepped down from Aston Martin as of 1 August. Sources had already reported last weekend about the departure of Palmer and the arrival of Moers to Aston Martin.
Mercedes-AMG is a subsidiary of the German car group Daimler and supplies high-quality engines, including to Aston Martin. AMG also builds sports cars. Moers has headed Mercedes-AMG since 2013 and is known as a skilled driver.
Under Palmer’s leadership, 107-year-old Aston Martin was floated in 2018, but the price has fallen sharply since then. The luxury brand, known from James Bond but also as a co-sponsor of the Formula 1 team of Max Verstappen, suffered a heavy loss in the first quarter due to the corona crisis.
Canadian billionaire Lawrence Stroll came to the aid of Aston Martin early this year with a financial injection in exchange for a significant minority stake. He is now chairman of the company and was already sweeping the broom through the company, with the chief financial officer leaving earlier. So now Palmer must also clear the field. Stroll said Moers is the right leader for Aston Martin and it is time to change the guard to carry out the growth plans.