Aston Martin ousts chief executive after just two years and replaces him with former Ferrari boss in latest attempt to turn embattled car maker around
Aston Martin has ousted its chief executive after just two years and replaced him with a former Ferrari boss in the latest attempt to turn the embattled car maker around.
Tobias Moers, who joined in 2020 from Daimler unit Mercedes-AMG, stepped down yesterday after an exodus of senior staff during his tenure.
He was replaced by Amedeo Felisa, the third chief for the luxury manufacturer since its disastrous 2018 stock market listing.
Left in the dust: Lawrence Stroll Stroll and wife Raquel at premiere of No Time To Die
Felisa, who ran Ferrari for eight years until 2016, will spearhead an ‘electrified future’. He has been on the board for a year.
And in an overhaul aimed at emulating its Italian rival’s recent success, the business also appointed former Ferrari engineer Roberto Fedeli as chief technical officer.
Aston Martin was worth £4billion when it debuted on the London Stock Exchange in 2018. But profit warnings, fundraisings and a bailout led by Canadian billionaire Lawrence Stroll mean it is worth just under £1.2billion today.
Stroll took a 20 per cent stake in 2020 and became chairman. He then appointed Moers chief executive and chief technical officer to turn the business around. Losses more than halved last year – and an Aston Martin featured in the James Bond film No Time to Die. Revenue jumped but the shares stalled as the rollout of its £2.5m Valkyrie supercar faced delays.
Aston Martin’s fortunes contrast with Ferrari, which Stroll says is a key competitor. Ferrari went public in 2015, valued at £7billion, and is now worth £30billion.
Collapse in morale: Tobias Moers
Moers is said to have presided over a collapse in morale as dozens of senior employees left. Shares soared 6.7 per cent, or 57p, to 902.6p as investors welcomed the shake-up.
Felisa, 76, will be joined next month by Fedeli, who created Ferrari’s LaFerrari hybrid supercar and other iconic models. Fedeli will help drive a transition to electric vehicles.
Stroll said Felisa’s ‘technical acumen and charisma will be inspirational’. He also highlighted Fedeli’s experience, which includes implementing electric technologies at BMW. He said the appointments would ‘foster greater collaboration and a more cohesive way of working’.
Felisa said: ‘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.
‘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.’
AJ Bell director Russ Mould said: ‘The market seemed to take the news positively but Felisa will face a tough task.’
The departure of Moers comes after Stroll in January denied he was looking to replace him.
The appointments came alongside a trading update for the first quarter of this year, in which it sold 1,168 cars, a 14 per cent slip from a year earlier. Sales rose 4 per cent, from £224.4m last year to £232.7m. But losses more than tripled, rising to £47.7m compared with £15.3m a year earlier.
Aston Martin said the quarter saw it enter a ‘new era’, with the launch of its luxury SUV – the DBX – and the March announcement of the V12 Vantage sports car. All 333 models were sold.