Aston Martin chief to leave, Mercedes-AMG CEO to replace him

Andy Palmer pushed out by Lawrence Stroll

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. Canadian Billionaire Lawrence Stroll and his investors have taken a controlling interest in the company and are apparently weeding poor management.

Palmer and Germany's Daimler AG, 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.