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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:

Historic cars — and a Spitfire fighter plane — go on sale in Britain

An assortment of somewhat eccentric but ultimately appealing vintage collectors’ machinery, topped by a 1983 Lancia Rally “Evoluzione” and featuring Porsches, Bugattis and even a Spitfire fighter plane from World War II, will go to auction in Britain next month. The event, organized by the Bonham/Cars auction organization and scheduled for September 9-10, is formally called the “Revival Sale,” to be held on the grounds of Goodwood, site of the famous track southwest of London. Cutting to the chase, hereÂ’s a look at some of the highlights noted by BonhamÂ’s that are expected to attract substantial bidsÂ…plus thereÂ’s the airplane as the cherry on top. —1973 3-liter Martini Racing Works Team Porsche Carrera RSR 'R7' Endurance Racing Coupe (estimated bid, $4.7 million to $7.25 million.). ThatÂ’s quite a name for quite a race car and a veteran of the 24 Hours of LeMans in 1973. The carÂ’s background goes back to the previous year, when Porsche launched its new 911 Carrera model with engine capacity raised from 2.4 liters to 2.7. A batch of 500 lightweight-bodied 911s was built to achieve governing-body sporting acceptance (homologation) of the new variant. Three versions were offered – the RS (RennSport), RST (touring) and the ultimate racing RSR, of which this 'R7' is one of only four such works team cars to have survived. ItÂ’s also one of only a few cars to wear the classic Martini Racing livery with its dark-blue and red striping upon a German-silver background.  —1967 Toyota 2000 GT (estimate: $835,000-$1.1 million) in Pegasus White is believed to be first acquired by the owner of Toyota Mozambique and was one of only two cars imported to the East African country. Known for its precise engineering and impeccable quality, this Japanese halo car was one of only 351 built in 1967-1970. Over the years, the GT's exterior and interior have been preserved and an engine rebuild was undertaken. It was awarded "Best in Show" at the London Concours in 2022. — 1986 Aston Martin Virage Coupe Prototype (estimate: $315,000 - $440,000). This is a two-door prototype of the company's mainstream model of the 1990s, the Virage. In 1990, the vendor received factory approval to strip down the chassis and rebuild it to his 6Â’3” height.

Aston Martin names new CFO

Aston Martin is on the verge of a resurgence, instituting (among a great many other things) new top leadership, and that includes a new chief financial officer. Mark Wilson comes to Gaydon with a wealth of experience at British sports car manufacturers, having previously worked for Lotus and McLaren. His most recent posting, however, was as CFO and COO at renewable energy insurer G-Cube Underwriting. He'll take up his new job as Chief Financial Officer (and his place on the executive board) at Aston Martin on June 8, reporting directly to Andy Palmer, who in turn took up his job as CEO just this past September. Considering Aston was recently injected with an influx of cash, hiring a new money man was probably prudent. But hiring new top personnel, of course, isn't the only change Aston is making. It's got a new platform in the works, a new engine under development with Mercedes-AMG and a raft of new projects in the pipeline. That includes the replacement of every one of its models by the end of the decade and the addition of as many as three new model lines – particularly the DBX crossover that could be the first new Aston built in America. ASTON MARTIN NAMES MARK WILSON AS NEW CHIEF FINANCIAL OFFICER 14 May 2015, Gaydon: Aston Martin today announces the appointment of Mark Wilson as Chief Financial Officer. Joining the business on Monday 8 June, Wilson, will report directly to Aston Martin CEO Dr Andy Palmer and take a place on the Executive Board at the company's global HQ in Gaydon, Warwickshire. With a strong track record of senior automotive experience already accrued with McLaren Automotive and Lotus Cars Ltd, Wilson joins the luxury British sports car maker from renewable energy insurer G-Cube Underwriting where he held the post of Chief Financial and Operating Officer. Welcoming Wilson to the team, Dr Palmer said: "Mark joins us at what is, undeniably, an extremely exciting time for Aston Martin. We are currently implementing the largest investment plan in our history which will see a total remake of our product portfolio. By the end of the decade, not only will our current line-up have been replaced entirely, we will have added up to three extra model lines and entered new market segments.