Aston Martin Lagonda’s new chief executive, Tobias Moers, will receive a pension in line with the majority of the workforce after he joins the automotive giant on 1 August.

The company said this, along with Moers’ £850,000 salary and potential 200 per cent bonus, fitted with its remuneration policy, which was approved by shareholders at its annual general meeting in June 2019.

Former chief executive Andy Palmer received a salary of £1.2m and pension remuneration of £127,000 in the company’s 2019 full year, working out at around 10.6 per cent.

The company’s decision to keep its executive pensions in line with those of its workforce comes after a January PLSA report revealing that executive remuneration has remained a key concern for pension scheme shareholders.

In March, Rolls Royce announced that it would reduce pension contributions for newly appointed executive directors from a maximum of 25 per cent to 12 per cent, in line with its broader new hire rate.

Moers will join Aston Martin from his role as chairman of the management board and chief executive officer at Mercedes-AMG GmbH, a position he has held for almost seven years.

He has spent more than two decades working in senior roles at Daimler AG.

Moers replaces Palmer, who agreed to step down as president, group CEO and executive director on 25 May, leaving vice president and chief operations manager, Keith Stanton, to helm the company in the interim period.

Aston Martin Lagonda executive chairman, Lawrence Stroll, said: "The board has determined that now is the time for new leadership to deliver our plans. On behalf of the board, I would like to thank Andy for his hard work, personal commitment and dedication to Aston Martin Lagonda since 2014.”

He added: “I am delighted to welcome Tobias to Aston Martin Lagonda. He is an exceptionally talented automotive professional and a proven business leader with a strong track record during his many years at Daimler AG, with whom we have a longstanding and successful technical and commercial partnership, which we look forward to continuing.”

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