Tobias Moers’ future as Aston Martin’s CEO is uncertain after this morning’s trade update warning that the company would miss its profit targets, Autocar has learned.
Speculation about Moers’ continued role at the company follows indifferent financial results from the Gaydon-based luxury automaker, which was acquired in January 2020 by a consortium led by billionaire Lawrence Stroll.
This morning it announced it would miss its EBITDA (Earnings Before Interest, Tax, Depreciation and Amortization) target by around £ 15 million as the Valkyrie hypercar is delayed.
When asked if Moers’ position was safe, a spokesman said: “Aston Martin does not comment on speculation.” While Tobias Moers was quoted in the trading update together with CEO Stroll, several sources have told Autocar that a possible replacement has already been considered.
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Moers took over Andy Palmer as CEO and moved from Mercedes-AMG in August 2020. He quickly implemented a new strategy, including putting plans on hold for a family of Lagonda electric cars and stopping development of the company’s own V6, but he struggled to get the Valkyrie project to completion – with the technical complexity of the car is blamed – and several established company executives have left the company since its arrival.
These include Chief Special Operations Officer David King, Chief Executive for Vehicle Attributes Matt Becker, Director of Q Operations Simon Lane, Global President of UK and South Africa Phil Eaglesfield, General Manager Carl Elston, Supply Chain Director Kris Elston, New Model Quality Director Stuart Jeff and Chief Marketing Officer Peter Freedman.
