Daimler said Wednesday that Dieter Zetsche is stepping down as CEO and will be replaced by a long-serving executive who has most recently been leading the automaker’s research and development efforts, including its push into electric vehicles.
The company has proposed that Zetsche, who was CEO of Daimler for 12 years, become chairman of the supervisory board in 2021 when Manfred Bischoff leaves. The move must be approved by shareholders at the company’s next meeting. The company’s structure requires a two-year “cooling off” period before Zetsche can be elected as the board’s chairman.
Daimler has picked Ola Källenius to head up Mercedes-Benz vehicles and Daimler, the first non-German, to hold the top spot. Källenius most recently headed up research at Daimler and development at Mercedes-Benz Cars. He joined the company in 1993, then called Daimler-Benz AG, as trainee within its International Management Associate Program.
In recent years,…