Aston Martin shares surge in Mercedes-Benz exec to be appointed as the new CEO

Aston Martin DBX

Source: Aston Martin

The shares of Aston Martin went up the Tuesday after the famous British car brand announced the head of Mercedes-Benz performance division as its next CEO.

Tobias Moers, ceo of Mercedes-AMG, you will have success, Andy Palmer, who is stepping down effective immediately after Aston Martin since the year 2014. Moers will begin Aug. 1, the company said on Tuesday.

The shares of Aston Martin on Tuesday, jumped over 40% on the London stock exchange before stabilizing at around 43.50 pence (54 cents), approximately 23%. The company went public with shares of £19 October 2018.

Lawrence Stroll, Aston Martin, chairman and ceo, said in a statement Tuesday that the company’s board “determined that now is the time for a new leadership to deliver our plans.”

Keith Stanton, managing director of Aston Martin manufacturing, has been appointed interim chief operating officer to support Walk ahead of Moers joining the company.

The management of the shaking comes months after a Walk, a multi-billion dollar Canadian, became the Aston Martin’s president in March after the provision of £536 million ($653 million) in cash to save the company.

Aston Martin, best known for being the brand of choice for fictional secret agent James Bond, has struggled for years to gain traction with their self-centered in the formation. The company is putting much of its future success in the next DBX, its first SUV. The $189,900 vehicle will go on this summer.

The automaker also faces a global challenge of market vehicles because of the coronavirus pandemic. Auto research firm IHS Markit expected in the world of vehicle sales to decline 22% this year to less than 70 million units, led by approximately 27% fall in the united states to 12.5 million units, compared with a year ago.

Moers, in a statement, said he is “truly excited to be joining Aston Martin Lagonda in this point of its development.”

Correction: This story has been updated to reflect that the shares of Aston Martin in pennies. A previous version misidentified the currency.

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