Update: Mercedes-AMG boss to head up Aston Martin

Billionaire Lawrence Stroll led a consortium that bought 25 per cent of Aston Martin last month,. Photo: Aston Martin

Update: Aston Martin’s CEO Andy Palmer has been replaced by AMG boss Tobias Moers after ongoing reports of a management shake up of the British sports car maker.

The Financial Times first reported speculation on Palmer being replaced and today the British sports car maker released a statement that the Board of Aston Martin Lagonda agreed that he would step down as President and Group Chief Executive.

“The Board announces the appointment of Tobias Moers, as Chief Executive Officer. Tobias, 54, will be appointed to the Board as an Executive Director and will take over from Dr Andy Palmer. He will be based at the Company’s headquarters in Gaydon, Warwickshire and will join on 1 August 2020,” said the statement.

“In the interim period Keith Stanton, currently Vice President and Chief Manufacturing Operations Officer, is appointed interim Chief Operating Officer to support the Executive Chairman, Lawrence Stroll.”

Tobias Moers has revolutionised AMG brand, especially with the introduction of the GT. Photo: Supplied

Moers has been the CEO of Mercedes-AMG GmbH since October 2013, after joining the company in 1994. He is recognised for the revolutionising of the brand’s sports cars, in particular the GT range.

Palmer joined Aston Martin in 2014 after working for Nissan for 25 years, where he rose to become chief planning officer and a key lieutenant of former Nissan Chairman Carlos Ghosn.

Andy Palmer (right) was presented with the President’s Trophy from the Guild of Motoring Writers in 2018. Photo: Aston Martin

Palmer's position as chief executive has been the subject of speculation since billionaire Lawrence Stroll led a consortium that bought 25 per cent of the firm last month, selling part of that shareholding on to another consortium led by Mercedes-AMG F1 team principal Toto Wolff, says Autocar UK.

Stroll reiterated his belief in the product plan set out by Palmer and his team, focusing initially on the launch of the new DBX SUV, the Valkyrie hypercar and then a new mid-engined supercar, called Valhalla.

Aston Martin’s first ever SUV, the DBX, was part of Palmer’s plan for the British marque. Photo: Aston Martin

But Palmer’s position now appears under threat after a £120million (NZ$240m) loss in the first three months of this year that led to the share price falling by 90 per cent from that point.

Moers has notably grown AMG's presence and profits since taking the helm of the lucrative performance division of Mercedes, which owns a stake in Aston Martin and is an engine and component supplier to the firm, says Autocar UK.