Aston Martin Main Executive Andy Palmer is leaving the company as part of a administration shake-up and will be changed by Tobias Moers, CEO of Mercedes-AMG, a source familiar with the issue informed Reuters on Sunday. The luxury carmaker mentioned in an emailed statement that it is examining its administration crew but declined to comment on Palmer’s destiny.

Palmer and Germany’s Daimler, which owns a 5% stake in Aston Martin and provides the carmaker with Mercedes-AMG engines, also declined to comment.

The Money Situations newspaper experienced claimed before that the Aston Martin main was likely to leave as section of a shake-up of its leadership, with an formal announcement anticipated on Tuesday. Palmer experienced not been informed of the future announcement, the newspaper reported.

Aston Martin, famed for being fictional solution agent James Bond’s auto of decision, has found its share price plummet because floating in October 2018. The 107-year previous British luxurious carmaker previously this month posted a deep to start with-quarter reduction immediately after revenue dropped by practically a third owing to the impression of the novel coronavirus outbreak.

The business has been banking on its sport utility vehicle to drive income in a new segment, and explained production was on monitor.

In January, dire problems compelled the business to carry in Canadian billionaire Lawrence Stroll who purchased a about 20% stake for just about 200 million lbs ($263 million), as the ailing carmaker sought to raise cash.

The coronavirus pandemic and shutdowns brought about by it have strike demand from customers and compelled factories all over the entire world to suspend output, negatively impacting numerous industries, such as automobile suppliers.

“We were certainly fairly appreciably strike by COVID-19, beginning with China in January but much more obviously in what we noticed as it came across in direction of Europe and the United States,” Palmer explained to Reuters previously in May possibly.

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