The boss of Aston Martin was suddenly replaced by a veteran CEO of Ferrari, charged with turbocharging his efforts to become electric.
Tobias Moers left the British company with immediate effect on Wednesday when leaving, which CEO Lawrence Stroll said was a “mutual agreement”.
He was replaced by Amedeo Felisa, who was Ferrari’s chief executive from 2008 to 2016. Roberto Fedeli, another Ferrari veteran, will also join Aston next month as chief technical officer.
This happened when the company revealed pre-tax losses of £ 111 million for the three months to March 31, compared to a loss of £ 42 million a year earlier.
Mr Stroll, a Canadian billionaire who is Aston’s largest shareholder, has previously said he plans to replace Mr Moers, whose insider management style has ruined business.
Mr Stroll said on Wednesday that Mr Moers had not been forced to leave, adding that the change, including the separation of his dual roles of chief executive and chief technical officer, was needed for the company’s next phase of growth.
He said: “Tobias did a great job for me for the first phase. We have always said that this business is in stages.
“Entering phase two, I just want to have a special CEO and a special CEO. Both are full-time jobs and don’t have to split 50-50 … and I had the opportunity to get two of the greatest people in business.
“Thanks to Tobias for the work he did, but we needed a different management team. We understood each other.
Shares of Aston jumped 13% after the announcement.
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