Ex-Mercedes AMG boss Moers confirmed as new Aston Martin CEO

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Ex-Mercedes AMG boss Tobias Moers will replace Andy Palmer as CEO at Aston Martin from August, it has been announced.

His arrival is part of a restructuring at the luxury British carmaker, following the investment deal by Racing Point Formula 1 team owner Lawrence Stroll, who holds the role of executive chairman.

Initially, Mercedes motorsport boss Toto Wolff had been linked to the role due to his relationship with Stroll, but of course this news will end the CEO rumours at least.

Moers has been instrumental in the major growth of Mercedes' high-performance division since joining in 2013, with the AMG range more than doubling in size and sales have quadrupled.

Motors : OFFICER: Mercedes-AMG director signs for Aston Martin

He has also helped shape the future of the AMG branch in line with the German manufacturer's push towards increased electrification while remaining well-known for their hardcore performance and designs.

And with Stroll keen to move Aston Martin in a new direction, the long-time Daimler executive is seen as a perfect candidate.

"I am delighted to welcome Tobias to Aston Martin Lagonda," Stroll said in a statement.

"He is an exceptionally talented automotive professional and a proven business leader with a strong track record during his many years at Daimler AG, with whom we have a longstanding and successful technical and commercial partnership, which we look forward to continuing.

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"Throughout his career, he has delivered product expansion, strengthened brand positioning and improved profitability. He is the right leader for Aston Martin Lagonda as we implement our strategy for the business to achieve its full potential. Our ambition for the company is significant, clear and only matched by our determination to succeed.

"All of my and Tobias' energy will be dedicated to building on the Company's inherent strengths, its brand, its engineering prowess, and the skills of its people to enable Aston Martin to become one of the pre-eminent luxury car brands in the world."

The exit of his predecessor Andy Palmer comes after Aston's share price collapsed from £19 when it was IPO was made in October 2018, to a low of 35p.

While Moers will not take up his new role until August 1, news of his arrival has seen that stock jump substantially to 42p at the time of writing.