Aston Martin appoints third CEO in three years as financial losses triple
Aston Martin has appointed its third chief executive in three years, with Tobias Moers (pictured) stepping down after only two years in charge.
Former Ferrari boss Amedeo Felisa will replace him as CEO. Amedeo joined Aston Martin’s board as a non-executive director in July 2021.
In an announcement to shareholders this morning (Wednesday), the Warwickshire-based firm said Tobias Moers would be leaving the board with immediate effect and support the leadership team with a smooth transition until the end of July.
The firm also confirmed the appointment of Roberto Fedeli as Chief Technical Officer. He is considered the creator of Ferrari LaFerrari, the Italian company's first hybrid supercar as well as some of its most iconic models during his 26-year tenure.
The statement came as Aston Martin published financial results for the first three months of 2022 which showed the company was continuing to struggle.
Losses for the quarter tripled to £111.6 million. At £232.7 million revenues were up slightly on the same period last year, but a long way from its target of £2 billion a year and sales of 10,000 cars a year by 2024/5.
Executive chairman Lawrence Stroll insisted: ""We continue to make tremendous progress, now operating as an ultra-luxury brand and seeing exceptional demand across our product range with sports cars sold out for the year and DBX orders up 60 per cent.
"Our most recently announced limited-edition, the V12 Vantage, was fully sold out prior to its official launch in March; and DBX707 is making headlines as the premier ultra-luxury performance SUV on the market, generating strong customer interest.
"We are poised to deliver good growth in 2022 and remain extremely confident in the medium and long-term prospects as we transform Aston Martin into the world's most desirable ultra-luxury British performance brand."
On the management changes, Lawrence added: "Firstly, I would like to extend my thanks and appreciation for all that Tobias has achieved.
"He joined Aston Martin at a critical time for the Company and brought significant discipline to its operations. The benefit of these actions is clear in the improved operating performance of the Company and in our great new product launches.
"Now, there is a need for the business to enter a new phase of growth with a new leadership team and structure to ensure we deliver on our goals. Our new organisational framework will support the Company to its full potential, foster greater collaboration, a more cohesive way of working, both internally and externally, especially with our strategic partners, including Mercedes-Benz AG, and further accelerate technology transfer programmes with the Aston Martin Aramco Cognizant Formula OneTM Team.
"I am extremely pleased that Amedeo has agreed to take on the role of CEO. He has extensive knowledge of both Aston Martin's business and the wider automotive industry with an excellent track record and previous experience of leading a major ultra-luxury car manufacturer. His technical acumen and charisma will be inspirational for the entire company.
"With the appointment of Roberto, we add another world class name to our team. He will help us deliver our future strategy, with a particular focus on technology advancements, and our in-house engineering capabilities, as we move towards electrification.
"Roberto is a proven innovator and team builder. He conceived some of the world's most desirable performance sports cars. His extensive experience of this sector, coupled with his leadership style, will contribute significantly to shape our exciting future product portfolio and reinvigorate our technical team.
"We believe these changes will bring significant long-term benefits to everyone involved with Aston Martin. We are poised to deliver good growth in 2022 and remain extremely confident in the medium and long-term prospects for the Company as we transform Aston Martin into the world's most desirable ultra-luxury British performance brand."
Amedeo Felisa said: ""It is very exciting for me to take on this role at Aston Martin as we embark on the Company's next phase of growth.
"I have great confidence in Lawrence's vision, and I'm grateful for his, and the Board's, trust in my leadership.
"Over the past year, through my work as a Non-Executive Director and Chairman of the Product Strategy Committee,
"I have come to know Aston Martin and its senior leadership team very well. I know there is an impressive pool of talent inside the Company, as well as an extraordinary technological ecosystem in the UK, made up of innovators, universities, automotive and racing specialists, with whom we want to deepen our relationships.
"We have a clear objective to continue the transformation of Aston Martin into an ultra-luxury, high-performance brand and become a leader in our sector.
"We have a highly experienced and talented team throughout the organisation that together will enable us to achieve our goals.
"We have a tremendous opportunity to shape and enhance the uniqueness of Aston Martin's future products, and to further grow our appeal with new customers by harnessing the introduction of new technologies, electrification, connectivity and innovative materials."
