According to a source familiar with the matter at hand, Aston Martin’s CEO Andy Palmer is leaving the company as part of a review of the management team. He will be replaced by Mercedes-AMG’s CEO Tobias Moers.

In a statement, Aston Martin said it is in the process of reviewing its management team and declined to comment on Palmer’s departure.

Earlier, as per a report from the Financial Times Andy Palmer was going to leave the company as part of a leadership shake-up.

An official announcement is expected later today.

Since its 2018 IPO, Aston Martin has seen its share price plummet. Earlier this month the more than a century old British luxury carmaker posted a deep first-quarter loss following a drop in sales by almost a third because of the coronavirus outbreak.

The company, which has been banking on its SUVs to drive its sales, said production was on track.

Earlier this year in January, facing a dire financial condition, Aston Martin brought in Canadian billionaire Lawrence Stroll, who purchased a roughly 20% stake for around $263 million (200 million pounds).

“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 had said in May.

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