By Adam Whittaker
Mercedes-Benz appointed Continental Finance Chief Olaf Schick to its board of directors in a sweeping management reshuffle, in a move to rejuvenate its leadership at a time of slumping sales and a stalling transition to battery-electric vehicles.
Schick returns to Mercedes-Benz having previously served as head of finance and controlling in Greater China and head of compliance at the carmaker. He will replace Renata Jungo Bruengger, who along with board members Sabine Kohleisen and Hubertus Troska, will step down once their current contracts expire.
The carmaker said Wednesday that Schick's appointment is effective from Oct. 1 next year.
German automotive and tire supplier Continental confirmed in a separate announcement that Schick will step down in September, following preparations to spin off of its automotive division.
Mercedes-Benz said Troska, board member for Greater China, will take on a transitionary role until he retires in late July. He will be replaced on Feb. 1 by Oliver Thoene, who currently serves as head of product strategy and steering.
China is a key market for Mercedes but falling consumer spending has led to slowing sales amid a deepening housing crisis and increasing competition from domestic rivals.
The company said Kohleisen will be replaced as board member for human relations and labor by Britta Seeger, marketing and sales director, on May 1.
Seeger's current role will be transferred to Mathias Geisen who currently heads Mercedes-Benz Van. He will be appointed to the board on Feb. 1, and will assume full responsibility for the role a month later.
Write to Adam Whittaker at adam.whittaker@wsj.com
(END) Dow Jones Newswires
December 11, 2024 05:29 ET (10:29 GMT)
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