LONDON -- Aston Martin CEO Andy Palmer is leaving the automaker as part of a management shake-up, according to reports.
The company will name Tobias Moers, CEO of Mercedes-AMG, as Palmer's replacement, the Financial Times, Reuters and Bloomberg reported, citing people with knowledge of the move.
An official announcement is expected on Tuesday, the reports said.
Aston Martin said in a statement that it is reviewing its management team and will make an announcement when appropriate.
Palmer joined Aston Martin in 2014 after working for Nissan for 25 years, where he rose to become chief planning officer and a key lieutenant of former Nissan Chairman Carlos Ghosn.
Aston Martin's management shake-up comes less than two months after the sports-car maker brought in new investors led by Canadian billionaire Lawrence Stroll, who became executive chairman.
The 536 million-pound ($663 million) capital infusion he led was meant to rescue the debt-laden company, which has struggled since Palmer took it public with a plan to mimic the success of Ferrari.
Aston Martin's shares have fallen by more than 90 percent 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 120 million-pound loss ($146 million) in the first three months, in part because factories and dealerships were forced to closed due to coronavirus.
Aston Martin said this month that it may need to raise more funds and take further steps to cut costs and control cash as car sales collapse caused by the coronavirus pandemic upends its turnaround plan.
Palmer has been focused on the introduction of the pivotal DBX SUV as the heart of Aston Martin's comeback strategy. The company is banking on the model selling in higher volumes than its sports cars.
DBX orders have continued to grow even with most Aston Martin showrooms closed, the company has said. Deliveries are on track to begin in summer, and the automaker plans to launch derivative models in 2021.
Mercedes-AMG supplies Aston Martin with engines and Mercedes owner Daimler has a 5 percent stake in Aston Martin.
Reuters and Bloomberg contributed to this report
