Aston Martin chief to be replaced by Mercedes-AMG CEO: Source

The CEO of luxury carmaker Aston Martin, Andy Palmer, is leaving the business.

Palmer will be replaced by Mercedes-AMG CEO Tobias Moers as part of a leadership shake-up aimed at restoring the flagging company's fortunes.

That's according to a source familiar with the matter, who spoke with Reuters on Sunday (May 24).

Aston Martin, famous for being James Bond's car of choice, has seen its share price plummet since its initial public offering in 2018.

And the 107-year-old company posted a deep first-quarter loss earlier this month after sales dropped by nearly a third due to the impact of the global health crisis.

The Financial Times reported earlier that the Aston Martin chief was set to leave, with an official announcement expected on Tuesday (May 26).

Palmer had not been informed of the upcoming announcement, according to the report.

In an emailed statement, Aston Martin said it was reviewing its management team but declined to comment on Palmer's fate.