Aston Martin has hired Tobias Moers, CEO of AMG, to turn its ailing fortunes around following ruinous trading since its much-hyped debut on the stock exchange in October 2018. The move sees the immediate departure of Andy Palmer, who held the role of president and CEO.
Moers, a 25-year veteran of Mercedes-Benz and credited for turning AMG from a specialist that made go-faster Mercs into a globally successful and profitable division of the Daimler family, will start on 1 August.
The Aston Martin Moers inherits isn’t greatly improved from the one Palmer took control of in 2014. While Palmer had an ageing product line and an empty strategy folder and Moers inherits a relatively fresh product line-up and a new factory and SUV ready to go, the 54-yearold German also has to determine how much of the company’s Second Century Plan is deliverable and how much is fluff, to woo investors. And then there’s the small matter of the near £1 billion (₹9438 crore) debt…
During Palmer’s time at the top, Aston Martin enjoyed sporadic periods of success. His team’s ability to prolong the life of the Vantage, Rapide and Vanquish can’t go unrecognised, neither Palmer’s drive to launch three all-new cars in just three years. A victorious force in GT racing with meagre resources was a remarkable achievement, too. And while the milking of the company’s heritage jarred with many, the stream of special editions, continuation cars and limitedrun Zagato specials kept the cash flow healthy and customers happy.
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