Aston Martin is looking for a substitute for CEO Tobias Moers due to the automaker’s persevering with monetary woes, a report stated.

Moers, a former head of Mercedes-AMG efficiency division, has held the position for lower than two years.

A possible candidate for the CEO job has been approached, in accordance with Autocar motoring journal, which cited unnamed sources.

Aston Martin informed Automotive Information Europe it “didn’t touch upon hypothesis.”

Aston Martin’s precarious monetary place was additional weakened with on Friday when the automaker stated it sees annual adjusted core earnings to be about 15 million kilos ($20 million) decrease than anticipated attributable to delays in shipments of its 2.4 million-pound ($3.3 million) limited-edition Valkyrie hypercars final 12 months.

The automaker shipped simply 10 Valkyrie vehicles within the fourth quarter, reducing adjusted Ebitda by about 15 million kilos.

Aston Martin stated it nonetheless reached its aim of delivering 6,182 vehicles to sellers final 12 months due to sturdy demand for the DBX, its first SUV. The entire was up 82 p.c from the 12 months earlier than when the corporate drastically reduce manufacturing to cut back vendor inventory ranges.

Aston Martin will publish full-year outcomes on Feb. 24. In November, the automaker posted a third-quarter pre-tax lack of 97.9 million kilos ($130.01 million).

Moers, a German engineer, turned Aston Martin CEO on Aug. 1, changing Andy Palmer.

Moers has overseen the departure of numerous executives from the automaker.

In December, its chief monetary officer, Kenneth Gregor, stated he would go away the corporate after 18 months within the position, citing private causes.

Different important departures since Moers’ arrival embrace head of particular operations, David King, who moved to Fisker, and automobile attributes chief Matt Becker, who left to hitch McLaren Automotive.

Aston Martin is majority owned by Canadian billionaire Lawrence Stroll, who’s looking for to rebuild the corporate following a monetary disaster induced partially by the pandemic in 2020.

Bloomberg contributed to this report