Andy Palmer, President and Group CEO, Aston Martin Lagonda, speaks at the opening of the new factory in Saint Athan, Wales, Britain December 6, 2019. REUTERS/Rebecca Naden
(Reuters) – Aston Martin (AML.L) is reviewing its management team, the British carmaker told Reuters on Sunday, responding to a Financial Times report which said that Chief Executive Andy Palmer is leaving the business as part of a shake-up.
The luxury carmaker will name Tobias Moers, CEO of Mercedes-AMG, as Palmer’s replacement in an announcement scheduled for Tuesday, the newspaper on.ft.com/2LTQhK1 said.
Aston Martin declined to comment on Palmer’s fate in a statement emailed to Reuters.
Palmer had not been informed of the upcoming announcement and declined to comment further, the report added.
Palmer and Moers did not immediately reply to a Reuters request for a comment.
The 107-year old carmaker last week posted a deep first-quarter loss after sales dropped by nearly a third due to the impact of the coronavirus crisis.
Famed for being fictional secret agent James Bond’s car of choice, Aston Martin’s share price has plummeted since floating in October 2018.
The company has been banking on its sport utility vehicle to drive sales in a new segment, and says production was on track.
In January, Canadian billionaire Lawrence Stroll bought a roughly 20% stake in the company for nearly 200 million pounds ($263 million), as the ailing carmaker sought to raise funds.
Reporting by Aishwarya Nair in Bengaluru; editing by David Evans and Emelia Sithole-Matarise