Dr Andy Palmer, President and Group Chief Executive of luxury car company Aston Martin, is stepping down from his role, announced the Board of Aston Martin Lagonda Global Holdings plc. on Tuesday.

Palmer’s role will be taken over by Tobias Moers who will step in as the Chief Executive Officer.

Moers will be based at the Company’s headquarters in Gaydon, Warwickshire and will join the organization from Agust 1.

“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 company said in an official statement.

Lawrence Stroll, Aston Martin Lagonda Executive Chairman said: “The Board has determined that now is the time for new leadership to deliver our plans.

Moers is currently the Chairman of the Management Board and CEO of Mercedes-AMG GmbH. He had stepped into the role in October 2013. He is also acting Chief Technical Officer of the company.

“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,” Moers said.

Aston Martin sales have taken a hit owing to the COvid-19 pandemic. The luxury car brand’s sales had come down by almost 50 per cent in the first three months of the year, selling 578 vehicles in the first quarter, down from 1,057 sold last year, BBC reported.

“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,” Palmer said.

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