Aston Martin replaces CEO

Daniel Craig and Aston Martin DB5 in a Skyfall publicity sill

Aston Martin, the British maker of luxury cars associated with James Bond films, said today it’s replacing its chief executive officer.

The new CEO will be Tobias Moers, 54, currently head of Mercedes-Benz’s AMG performance arm. He will join Aston on Aug. 1.

Moers replaces Andy Palmer, who joined Aston as CEO in 2014 from Nissan Motor Co.

Keith Stanton, currently vice president and chief manufacturing operations officer, will serve as interim CEO until Moers’ arrival.

Aston has experienced a series of challenges, including losses and a plunging stock price.

Lawrence Stroll, a Canadian billionaire, was the lead investor in a financial rescue of Aston Martin that took place in January. Stroll is executive chairman of Aston.

Over the past several years, Aston has talked about the need to diversify and be more than James Bond’s favored ride. But the company still finds itself dependent on its association with Bond. Aston provided multiple vehicles for No Time to Die.

Palmer took to Twitter to say good-bye.

It has been an honour and pleasure to be part of the Aston Martin family & to have worked alongside some exceptional women & men. Thanks also to our customers & followers. Aston Martin exists because you believe, as I do, that this company represents something special. Thank you.

— Dr. Andy Palmer (@AndyatAuto) May 26, 2020

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Aston Martin to undergo management shakeup, FT says

Iconic publicity still for Goldfinger with Sean Connery leaning against the Aston Martin DB5.

Aston Martin, the British maker of luxury sports cars, will see a management shakeup, the Financial Times reported.

Current CEO Andy Palmer will depart the company and be replaced by Tobias Moers, the head of Mercedes-Benz’s AMG performance arm, the FT said, citing two people familiar with the plans it didn’t identify.

Aston Martin was sold by Ford Motor Co. in 2007 and has run into a series of financial challenges since. The company is best known for its association with the James Bond film series produced by Eon Productions.

The announcement of the change is scheduled for Tuesday, the FT said.

Peter Campbell, the FT writer who did the story, said on Twitter that Aston Martin later issued a statement that it “confirms that it is reviewing its management team and a further announcement will be made as and when appropriate”.”

Palmer joined Aston as CEO in 2014 from Nissan Motor Co. Earlier this year, Lawrence Stroll, described by the FT as “a Canadian billionaire with a background in motor racing and luxury fashion labels,” led a financial rescue of Aston Martin.

A variety of Aston Martin models, including replicas of the DB5, will appear in No Tie to Die. The company has been part of the Bond series since the original DB5 was in 1964’s Goldfinger.