Aston Martin Lagonda has confirmed the hiring of Tobias Moers as its new Chief Executive Officer, replacing Dr. Andy Palmer.

With the shares of Aston Martin falling drastically as Lawrence Stroll and his pool of partners save the manufacturer, the Canadian has taken his first executive decision to replace Palmer – its current CEO – with Moers, who comes in from Mercedes AMG.

The news reported by various publications in the past few days, has been confirmed by Aston Martin on Tuesday morning, as the 54-year-old will start his work from August 1 of this year, at its headquarters in Gaydon in Warwickshire.

“The Board has determined that now is the time for new leadership to deliver our plans,” said Stroll. “On behalf of the Board, I would like to thank Andy for his hard work, personal commitment and dedication to Aston Martin Lagonda since 2014.

“In that time the Company has successfully renewed its core sports car range, with the DB11, Vantage and DBS Superleggera and has brought the brand’s first SUV, DBX to a point of readiness for deliveries to start in the summer.

“Furthermore, the development of the era-defining Aston Martin Valkyrie hypercar has paved the way for the mid-engined range to come. I would also like to recognise his leadership through the current challenges and uncertainties presented by COVID-19.

“I am delighted to welcome Tobias to Aston Martin Lagonda. He is an exceptionally talented automotive professional and a proven business leader with a strong track record during his many years at Daimler AG, with whom we have a longstanding and successful technical and commercial partnership, which we look forward to continuing.

“Throughout his career he has delivered product expansion, strengthened brand positioning and improved profitability. He is the right leader for Aston Martin Lagonda as we implement our strategy for the business to achieve its full potential. Our ambition for the company is significant, clear and only matched by our determination to succeed.

“All of my and Tobias’ energy will be dedicated to building on the Company’s inherent strengths, its brand, its engineering prowess, and the skills of its people to enable Aston Martin to become one of the pre-eminent luxury car brands in the world.”

Meanwhile, Moers added: “I am truly excited to be joining Aston Martin Lagonda at this point of its development. I have always had a passion for performance cars and relish the chance to work for this iconic brand which I was close to on the technical side at the beginning of the partnership between the two companies.

“Following the arrival of Lawrence, as Executive Chairman, the significant investment from his Yew Tree Consortium, the completion of the equity raise and the reset, I believe that there is a significant opportunity to harness the strengths of the business to successfully deliver the planned product expansion and brand elevation.

“I am looking forward to working with Lawrence and the whole Aston Martin team to build a stronger business for our customers, our employees, our partners and our shareholders.” The outgoing CEO Palmer stated: “It has been a privilege to serve Aston Martin Lagonda for almost six years.

“The launch of many new products including the new DBX demonstrates the dedication and capability of our employees. I would like to thank my management team and all the staff for their hard work and support, particularly during the challenges presented by COVID-19. I am proud of you all and it’s been an honour to work with you.”

Although not directly related to F1 but the move from Aston Martin comes at a time when speculations are paramount regarding Mercedes’ future in the sport. Toto Wolff has categorically denied any involvement after his personal investment in shares.

Here’s Toto Wolff on his future

Here’s Otmar Szafnauer on Racing Point, Aston Martin, Mercedes

Here’s Racing Point on Aston Martin change

Here’s Toto Wolff on personal investment