Aston Martin has today confirmed that Tobias Moers, CEO of Mercedes-AMG, would become chief executive on August 1, replacing Andy Palmer who stepped down yesterday.
The Financial Times newspaper reported over the weekend that Palmer would step down, before he had been informed.
A source familiar with the situation had also confirmed to Reuters the planned move.
"The board has determined that now is the time for new leadership to deliver our plans," Lawrence Stroll, Aston Martin Lagonda's executive chairman said.
The company said Moers, who will be based at its headquarters in Warwickshire, had built a reputation for transforming businesses in tough environments during his 25 years in senior roles at Daimler.
Germany's Daimler owns a 5% stake in Aston Martin and supplies the carmaker with Mercedes-AMG engines.
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 coronavirus outbreak.
Shares in the company raced almost 40% higher in London trade today.
Meanwhile, British supercar maker McLaren Group said it would cut 1,200 jobs under a proposed restructuring programme as it deals with the impact of the COVID-19 pandemic.
The move is expected to impact jobs across the group's applied, automotive and racing businesses, the company said in a statement.
The cancellation of motorsport events, the suspension of manufacturing and retail activities around the world and reduced demand for technology solutions have led to a sudden impact on the group's revenue generating activities, the company added.
"It is a course of action we have worked hard to avoid, having already undertaken dramatic cost-saving measures across all areas of the business. But we have no other choice but to reduce the size of our workforce," said Executive Chairman, Paul Walsh.
The job cuts represent more than a quarter of the group's workforce of just over 4,000, according to Sky News, which first reported the news.
