Aston Martin Lagonda chief executive Andy Palmer has quit as the crisis has hit sales and the share price has plummeted 94% since the flotation in 2018.
Keith Stanton will step in temporarily for Palmer and Tobias Moers will take the helm on 1 August.
The board for the luxury car maker said in a statement, “The board has determined that now is the time for new leadership to deliver our plans.”
Palmer said it had been a privilege to serve Aston Martin after six years at the helm.
In the first three months of the year sales halved with loss before tax to soar by £118.9m compared to £17.3m the year before.