Daimler's Dr. Z to step down from current post in 2019

Dieter Zetsche will be taking on a new role for Daimler.

Daimler has announced that Dieter Zetsche, better known as Dr. Z, will be moving on from his current position as Chairman of the Board of Management of Daimler AG and Head of the Mercedes-Benz Cars division.

Although stepping down, Zetsche isn't stepping out. Zetsche will transition from his current role to Chairman of Daimler's Supervisory Board. Zetsche will succeed current Chairman Manfred Bischoff, whose term in office is scheduled to expire at the end of the annual shareholders' meeting in 2021.

Due to a mandatory two-year "cooling-off” period, Zetsche will actually be leaving his current post in 2019. At that time Ola Källenius will take over the reins as Chairman of the Board of Management of Daimler AG and Head of the Mercedes-Benz Cars division.

"As a long-standing member of the Board of Management and Chairman of the Board of Management, Dieter Zetsche has played a key role in shaping Daimler AG and has ensured its strategically outstanding positioning for the mobility of the future,” said Bischoff. "His expertise and experience are extremely valuable for our company.”

Zetsche has been a member of the Daimler Board of Management since December 1998. He was appointed to chairman in 2006. He's also been head of the Mercedes car brand since 2005.

Källenius was named to Daimler's Board of Management in 2015 and was named as a Member of the Board of Management for Group Research and Mercedes-Benz Cars Development in 2017.