LONDON -- Aston Martin named Mercedes-AMG head Tobias Moers as its new CEO, replacing Andy Palmer who has stepped down.
Moers will replace Palmer on Aug. 1, the British sports-car maker said on Tuesday in a statement.
Manufacturing chief Keith Stanton will take over Palmer's role until then as interim chief operations officer.
The move follows a cash rescue in March led by Canadian Lawrence Stroll, who became executive chairman after leading a 536 million-pound ($663 million) capital infusion to rescue the debt-laden company, which has struggled since Palmer took it public in 2018 with a plan to mimic the success of Ferrari.
"Now is the time for new leadership to deliver our plans," Stroll said in the statement.
Stroll called Moers a "proven business leader with a strong track record," and said Aston's technical partnership with Mercedes owner Daimler will continue.
Daimler owns a 5 percent stake in Aston Martin and supplies the automaker with Mercedes-AMG engines.
Moers, a German citizen, has worked for Mercedes-AMG, the performance division of Mercedes-Benz cars, since 1994. He was appointed CEO in 2013.
Daimler said Philipp Schiemer will replace Moers as CEO of AMG. Schiemer currently is head of Mercedes's operations in Brazil. He has worked for the automaker since 1987 and his previous positions include head of product management for the A-Class and head of marketing at Mercedes-Benz Cars.
In addition, Jochen Hermann has been appointed as AMG's chief technical officer, Daimler said in a statement. He returns to AMG from his current position as head of Daimler's e-drive development. Hermann was head of overall vehicle development at AMG from 2014 to 2016.
Bloomberg and Reuters contributed to this report