Aston Martin CEO could be replaced, report says

Aston Martin is seeking a replacement for CEO Tobias Moers amid the automaker’s continuing financial difficulties, according to a report.

Moers, former head of Mercedes-AMG’s performance division, has held the post for less than two years.

A potential candidate for the CEO job has been approached, according to Coach automotive magazine, which cited anonymous sources.

Aston Martin said Automotive news Europe he “did not comment on the speculation”.

Aston Martin’s precarious financial position weakened further on Friday when the automaker said it expected adjusted basic annual profit to be about 15 million pounds ($ 20 million) lower than expected due to delays in shipments of its limited 2.4 million pounds ($ 3.3 million). – Valkyrie hypercar edition last year.

The automaker shipped just 10 Valkyrie cars in the fourth quarter, lowering Adjusted EBITDA by around 15 million pounds.

Aston Martin said it had consistently hit its target of delivering 6,182 cars to dealerships last year thanks to strong demand for the DBX, its first SUV. The total was up 82% from the previous year, when the company significantly reduced production to reduce dealer inventory levels.

Aston Martin will release its annual results on February 24. In November, the automaker recorded a pre-tax loss of 97.9 million pounds ($ 130.01 million) in the third quarter.

Moers, a German engineer, became CEO of Aston Martin on August 1, replacing Andy Palmer.

Moers oversaw the departure of a number of executives from the automaker.

In December, its chief financial officer, Kenneth Gregor, said he would leave the company after 18 months in the post, citing personal reasons.

Other significant departures since Moers’ arrival include Chief Special Operations Officer David King who moved to Fisker and Chief Vehicle Attributes Matt Becker who left to join McLaren Automotive.

Aston Martin is majority owned by Canadian billionaire Lawrence Stroll, who is seeking to rebuild the business following a financial crisis caused in part by the 2020 pandemic.

Bloomberg contributed to this report

Mary I. Bruner