With effect from August 1, Tobias Moers will succeed Andy Palmer as Chief Executive Officer. He will be based at the company’s headquarters in Gaydon, Warwickshire, West Midlands region of England. 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; the Canadian billionaire is now Aston Martin’s biggest shareholder.

Moers spent more than 25 years in senior roles at German OEM Daimler AG. He is currently Chairman of the Management Board and CEO of Mercedes-AMG, a position he has held since October 2013. He is also acting Chief Technical Officer.

Aston Martin’s shares rose 28% upon the Board’s announcement. The British carmaker is reported to be overburdened with debt since the company was listed on the London Stock Exchange in October 2018.