Aston Martin CEO Andy Palmer left the automaker as part of a management shake-up, the Financial Times reported, citing people with knowledge of the move.
The company named today 25 May, Tobias Moers, CEO of Mercedes-AMG, as Palmer’s replacement..
Daimler owns a 5% stake in Aston Martin and supplies the automaker with Mercedes-AMG engines.
Palmer joined Aston Martin in 2014 after working for Nissan for 25 years, rising to become chief planning officer and a key lieutenant of former Nissan Chairman Carlos Ghosn.
Aston Martin’s shares have fallen by more than 90% since its initial public offering in 2018 as the company was hit by oversupply to its dealerships, and a global slowdown among luxury buyers.
The automaker booked a $146 million loss in the first three months, in part because factories and dealerships were forced to closed due to coronavirus.
Aston Martin said in a statement that it is reviewing its management team and will make an announcement when appropriate.