Tobias Moers’ future as CEO of Aston Martin is uncertain following this morning’s trading update warning that the firm would miss its earnings targets, Autocar has learned.
Speculation regarding Moers’ ongoing role at the firm follows indifferent financial results for the Gaydon-based luxury car maker, which was taken over by a consortium led by billionaire Lawrence Stroll in January 2020.
This morning, it announced that it would miss its EBITDA (earnings before interest, taxes, depreciation, and amortisation) target by around £15 million as a result of delays readying the Valkyrie hypercar for production.
Asked if Moers’ position was secure, a spokesperson said: “Aston Martin doesn’t comment on speculation.” While Tobias Moers was quoted in the trading update alongside executive chairman Stroll, multiple sources have told Autocar that a potential replacement has already been approached.
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Moers took over from Andy Palmer as CEO, moving from Mercedes-AMG in August 2020. He swiftly implemented a new strategy, including putting plans for a family of Lagonda electric cars on ice and axing development of the firm’s own V6, but he has struggled to see the Valkyrie project through to completion – with the car’s technical complexity blamed – and several established, senior leaders at the company have left the firm since his 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.