An Aston Martin SUV
(Picture: PA Media)The chief executive of Aston Martin saw his pay package shrink last year in the wake of an investor backlash over bonuses.
Tobias Moers, who joined from Mercedes-Benz in August 2020, earned £1 million last year, accounts show. That was down from a total package worth £1.48 million in 2020 for just five months’ work.
Moers’s 2020 pay was boosted by buyouts of incentive packages worth £901,000. However, Moers also took home a £142,000 bonus for his first five months in charge.
Advisory group ISS called the decision to pay bonuses in 2020 “questionable” given the company’s poor performance and Aston Martin faced a shareholder revolt at its AGM last year. Almost 18% of of voting shareholders rejected the pay report.
Aston Martin introduced new bonus scorecards last year “to better reflect annual progress,” the report shows. Moers and the rest of the executive team missed out on bonuses after delays to Aston Martin’s Valkyrie “hypercars” led the business to miss earnings targets.
Moers’s salary was £850,000 for the year, compared with £354,000 in 2020. Former CEO Dr Andy Palmer was paid a salary of £1.2 million in his final full year in charge.
German-born Moers was drafted in by chairman Lawrence Stroll to help lead a turnaround at the struggling luxury marque.
Despite the Valkyrie issues, Stroll said 2021 had been a “landmark year” in the “journey to transform the business into one of the greatest ultra-luxury brands in the world.”
Pre-tax losses more than halved to to £213.8 million last year and revenues jumped 79% to £1.1 billion.
