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Shares of Daimler AG fell on Wednesday after the company's announcement of a reshuffle at the top, saying CEO Dieter Zetsche would step down after his annual shareholders' meeting in 2019.
The automaker said that Zetsche would be replaced by Swedish Ola Kaellenius, head of group research at Daimler and Mercedes-Benz Cars. Zetsche is expected to become chairman of the supervisory board in 2021.
Daimler
DAI -1.44%
shares fell 1.4% in Frankfurt.
Zetsche's term of office was to expire at the end of a general meeting of shareholders in 2021, but the company has passed it. "Given the challenges posed by the transformation of the automotive industry, the supervisory board intends to prepare an appropriate succession at an early stage," said the company in a press release.
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