Tobias Moers Appointed as New CEO of Aston Martin

Aston Martin Appoints Tobias Moers, CEO of Mercedes-AMG, as Successor to CEO Andy Palmer

Company States "The Right Time for New Leadership"

▲Tobias Moers appointed as the new CEO of Aston Martin

[Asia Economy Reporter Kwon Jae-hee] Aston Martin announced on the 25th that it plans to appoint Tobias Moers, CEO of Mercedes-AMG, as the successor to CEO Andy Palmer effective August 1.

Palmer, who led Aston Martin for six years since 2014, appears to have stepped down taking responsibility for the company's declining performance amid the impact of the COVID-19 pandemic.

Aston Martin's business performance had been deteriorating even before the COVID-19 crisis. The company's stock price has fallen 98% since its listing two years ago, and recent uncertainties related to COVID-19 and Brexit have caused further sharp declines. Aston Martin's market capitalization has plummeted from around 6 trillion KRW at the time of listing to approximately 850 billion KRW currently. Due to COVID-19, sales in the first quarter of this year also dropped to about one-third compared to the same period last year.

Lawrence Stroll, Executive Chairman of Aston Martin, explained the reason for the CEO change, stating, "The board has determined that now is the right time for new leadership."

The company added, "Moers has built a reputation by leading business transformations in challenging environments during his 25 years at Daimler."