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Aston Martin CEO Andy Palmer to leave in favor of AMG chief Tobias Moers

Aston Martin Chief Executive Andy Palmer is leaving the business as part of a management shake-up and will be replaced by Tobias Moers, CEO of Mercedes-AMG, a source familiar with the matter told Reuters on Sunday. The luxury carmaker said in an emailed statement that it is reviewing its management team but declined to comment on Palmer's fate. Palmer and Germany's Daimler, which owns a 5% stake in Aston Martin and supplies the carmaker with Mercedes-AMG engines, also declined to comment. The Financial Times newspaper had reported earlier that the Aston Martin chief was going to leave as part of a shake-up of its leadership, with an official announcement expected on Tuesday. Palmer had not been informed of the upcoming announcement, the newspaper reported. Aston Martin, famed for being fictional secret agent James Bond's car of choice, has seen its share price plummet since floating in October 2018. The 107-year old British luxury carmaker earlier this month posted a deep first-quarter loss after sales dropped by almost a third due to the impact of the novel coronavirus outbreak. The company has been banking on its sport utility vehicle to drive sales in a new segment, and said production was on track. In January, dire conditions forced the company to bring in Canadian billionaire Lawrence Stroll who bought a roughly 20% stake for nearly 200 million pounds ($263 million), as the ailing carmaker sought to raise funds. The coronavirus pandemic and shutdowns caused by it have hit demand and forced factories around the world to suspend production, negatively impacting many industries, including car manufacturers. "We were obviously fairly significantly hit by COVID-19, starting with China in January but more clearly in what we saw as it came across towards Europe and the United States," Palmer told Reuters earlier in May. Related Video:

Movie Review: Spectre

I had only been sitting for two minutes in the screening of the twenty-fourth installment of the James Bond franchise, Spectre, before I met a fanatic. Sporting a James Bond 40th Anniversary Omega Seamaster ("number 007 of only 1007 made", he told me, beaming with pride), he boasted of his travels to the Furka Pass in Switzerland, to visit the location of the Goldfinger car chase, and of his Silver Birch Aston Martin DB5, the same car Sean Connery piloted around those treacherous roads just over fifty years ago. He bought it a while back for $125,000, and foolishly sold it a few years later for $160,000 (a mint 1965 DB5 will easily fetch over $1 million at auction today). The discussion of his Aston Martins continued, including his current Vantage and DB9, until the theatre started to fill up and the lights went down. This kind of automobile and movie culture is unique to Bond. 007 may have his signature drink, "shaken, not stirred," but just as famous are his cars, which, for a great number of films, are Aston Martins. This started fifty years ago, in the aforementioned Connery flick, Goldfinger, and the tradition has continued in Spectre, with a bespoke two-door coupe fittingly tagged the DB10. This latest Bond car is more concept than production. Built around the current V8 Vantage VH platform, the DB10's handsome styling is a look into the future for the British manufacturer. Perhaps outshining Bond's chariot are the cars of the villainous organization after which the movie is named, a highlight being the beautiful the Jaguar C-X75, driven by the eye-gouging villain, Hinx (Dave Bautista). The Jag is introduced when Bond infiltrates a Spectre meeting. His attendance doesn't go unnoticed, leading to a C-X75 vs DB10 race around Rome's midnight streets. Those who are going to see Spectre for the great car cinematography, prepare to be disappointed. The scene ends early on when – spoiler alert – 007 dumps the DB10 in the bottom of a river. Spectre is the longest of the 24-film canon, and due to an overstuffed second act, it feels like it. The first hour is fantastic, revealing enough of Bond's backstory to get the audience hooked, but somewhere in the second act we lose our way, torn between two predictable story lines.

Question of the Day: What's the greatest British car ever?

The British automotive industry has produced everything from high-production econo-commuters to staggeringly luxurious oligarch-wagons, along the way winning plenty of races and building plenty of beautiful machines. The original Mini led directly to the past half-century of transverse-engine, front-wheel-drive cars built everywhere, the MGB put the sporty little convertible into everyone's reach, and the Morris Oxford became the most beloved motor vehicle in India. So many to choose from, but we want you to pick one. What will it be? Related Video: