Mercedes AMG boss set to replace Palmer as Aston CEO

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Aston Martin will undergo a major management change this week, with AMG chief executive Tobias Moers taking the reins of the prestigious automobile manufacturer from Andy Palmer.

The change, announced by the Financial Times, will reportedly be announced on Tuesday and bring to an end Palmer's six-year leadership while also cementing ties between the legendary sports car maker and Daimler, its engine supplier and minority shareholder.

"The company confirms that it is reviewing its management team and a further announcement will be made as and when appropriate," stated Aston Martin which did not confirm the top management shuffle.

Following dwindling sales, mounting losses and a spiraling stock price, Aston Martin underwent a financial restructuring earlier this year, with a consortium led by Canadian billionaire and Racing Point tea owner Lawrence Stroll injecting significant capital to help turn around the company's fortunes which have been further aggravated by the coronavirus crisis.

AMG boss Tobias Moers

From next year, Aston Martin will also be anchored to Racing Point whose cars will carry the manufacturer's famous name in Formula 1.

Palmer, who previously sealed Aston's sponsorship deal with Red Bull Racing, declined to comment on the FT's report, insisting he was unaware of that a management reshuffle was in the works.

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