UPDATE: Mercedes-AMG boss takes top job at Aston Martin

Tobias Moers, the head of Mercedes-Benz’s performance division AMG, is set to take the top job at struggling British luxury marque Aston Martin.

UPDATE 26/5/20: Tobias Moers has taken the role of CEO at Aston Martin, it has been confirmed.

Aston Martin is expected to make an announcement regarding the appointment on Tuesday, according to the Financial Times.

While Aston Martin’s current chief executive Andy Palmer said he was not aware of the announcement and declined further comment, Aston Martin confirmed it was “reviewing its management team”.

“A further announcement will be made as and when appropriate,” Aston Martin said in a statement.

Above: Aston Martin's DBX SUV, a part of its new vehicle strategy

The report follows slumping sales for Aston Martin, which have seen the brand’s share price drop by more than 90 per cent since the company went public in 2018.

Amid COVID-19 lockdowns, Aston Martin posted a £120 million (AU$223 million) loss in the first quarter of 2020 with sales revenue down approximately 60 per cent.

Mr Moers's appointment would strengthen the relationship between Mercedes-AMG and Aston Martin, which already sees the German brand already provide technologies to the English carmaker.

In January this year, Canadian businessman Lawrence Stroll organised a £540 million (AU$1 billion) rescue strategy for Aston Martin with an investment of £182 million (AU$339 million) from his own pocket.

Also included in the sum was an £8 million (AU$14.9 million) investment made by Mercedes-AMG’s Formula One team chief Toto Wolff, which bought him an approximately 0.95 per cent share in Aston Martin.

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