By Cristina Roca 
 

Daimler AG said Thursday that it has streamlined the structure of its management board and that of its flagship car brand.

The German car maker created a chief operating officer position and appointed Markus Schaefer to the role.

Mr. Schaefer is currently in charge of group research and Mercedes-Benz cars development, procurement and supplier quality, and he is also part of Daimler's management board, the company said. Mr. Schaefer will now control the entire value-creation process of Mercedes-Benz cars, it said.

At the Mercedes-Benz brand, the head of product strategy and head of steering roles will be merged, Daimler said.

Daimler board member Ola Kallenius will now be responsible for Mercedes-Benz's vans division, the company said. Kallenius was already responsible for the unit as a Mercedes-Benz board member.

Meanwhile, Mercedes-Benz chief finance officer Frank Lindenberg is stepping down. Daimler management board member in charge of finance and controlling and Daimler Mobility, Harald Wilhelm, will now also take up the role of CFO at the car brand, Daimler said.

Daimler's reorganization will take effect on April 1.

Write to Cristina Roca at cristina.roca@dowjones.com; @_cristinaroca

(END) Dow Jones Newswires

February 20, 2020 04:44 ET (09:44 GMT)

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