Aston Martin confirmed on Tuesday that Mercedes-AMG CEO Tobias Moers would be appointed as its next chief executive on August 1, replacing Andy Palmer who left the company's board on Monday.
According to a Financial Times report, Palmer's resignation comes amid the ailing carmaker's plans of a board overhaul. "The board has determined that now is the time for new leadership to deliver our plans," Aston Martin Lagonda's Executive Chairman Lawrence Stroll said.
The company said that Moers, who will be working from its Warwickshire headquarters, has made a reputation by changing businesses during his 25 years experience in senior positions at Daimler.
Its is to be noted that Germany's Daimler AG owns a 5 per cent stake in the British luxury carmaker supplying the latter with Mercedes-AMG engines.
Known for being fictional MI6 agent James Bond's car of choice, the company has seen its share price fall since October 2018. The 107-year-old company posted a huge first-quarter loss after sales this month dropped by almost 33 per cent due to the impact of the COVID-19 outbreak.