A fresh report out of Europe claims Aston Martin CEO Andy Palmer will be replaced by Mercedes-AMG boss Tobias Moers.

According to Reuters, British-born Palmer will be removed from his role as president and CEO as part of a “management shake-up”. The Financial Times, meanwhile, reported Palmer had not been informed of the move.

In April 2020, a consortium led by Lawrence Stroll purchased 25 percent of Aston Martin. Daimler, of course, owns a five percent stake in the 107-year-old British brand.

According to Autocar, Aston Martin issued it a short statement saying it “notes recent press speculation”.

“The company confirms that it is reviewing its management team and a further announcement will be made as and when appropriate,” the statement added.

Palmer started in the role in October 2014, having moved from Nissan. Moers, meanwhile, has been the CEO of Mercedes-AMG since October 2013.