Incoming F1 marque Aston Martin is ramping up its plans for the future after confirming it has appointed Tobias Moers as its new CEO, replacing the out-of-favour Andy Palmer.

Moers arrives to the British marque – which is set to enter Formula 1 as a constructor in 2021 – from future on-track rivals Mercedes-AMG, where he has held a CEO position since 2013.

The change in leadership comes after a Lawrence Stroll fronted consortium bought a significant shareholding of Aston Martin Lagonda in April. As a result of his investment – thought to be in the region of £260 million – the Aston Martin name will be used to rebrand the Racing Point F1 team next season.

However, it will do so without Palmer at the helm, the Briton having been removed from his post after being installed as CEO in 2014.

Though he has been credited with turning around Aston Martin’s fortunes over the past six years by attracting new investment and implementing a bold new model plan that will see the firm move into the SUV and electric sectors over the coming years, he hasn’t been able to shield the company from ongoing financial issues.

Palmer was also the instigator behind floating Aston Martin Lagonda on the London Stock Exchange in 2018, a move that has suffered a series of setbacks that have seen the firm’s share price slump more than 90% from its initial value. Coupled with the effects of the coronavirus, it is felt Aston Martin Lagonda needs a fresh start from the top.

Acquiring Moers represents something of a coup for Aston Martin given the success of his track record in recent years. A move to differentiate AMG as a honed Mercedes performance brand has seen the company’s sales soar from 70,000 cars in 2015 to 132,000 in 2019, helped along by AMG having a more notable presence on Mercedes’ title winning F1 cars.

“He is an exceptionally talented automotive professional and a proven business leader with a strong track record during his many years at Daimler, with whom we have a longstanding and successful technical and commercial partnership, which we look forward to continuing," Lawrence Stroll said in a statement. "Throughout his career, he has delivered product expansion, strengthened brand positioning and improved profitability.”

Despite the timing of the coronavirus and the subsequent delay of the new technical regulations to 2022, Aston Martin says it is pushing on with its plans to enter F1 in 2021.

 

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