Daimler names former VW, BMW CEO Pischetsrieder to supervisory board

Pischetsrieder is chairman of Munich Re, the world's biggest reinsurer.
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FRANKFURT (Bloomberg) -- Daimler nominated former Volkswagen CEO Bernd Pischetsrieder to the luxury-car producer's supervisory board as VW considers hiring a previous head of Daimler's heavy-truck business.

Pischetsrieder, who has also been CEO of BMW, will run for election at the annual shareholders meeting in April, Daimler said today in its annual report.

The maker of Mercedes-Benz autos also selected Siemens CEO Joe Kaeser and Bernd Bohr, a former head of Robert Bosch's car-parts unit, to the board.

Daimler is bringing in executives from some of Germany's top manufacturers to its oversight body as CEO Dieter Zetsche pushes for third-ranked Mercedes to overtake BMW and VW's Audi brand in global premium-vehicle sales and profitability by 2020.

Daimler reiterated today that earnings this year will rise "significantly" amid growth at the car and truck businesses. "Although there is still great uncertainty regarding the future development of our markets, we can assume that demand will generally increase," with profit helped by new models, Daimler said.

Pischetsrieder, 66, was ousted at VW in 2006 and replaced by Martin Winterkorn, Audi's chief at the time and a protege of Supervisory Board Chairman Ferdinand Piech.

VW now is pushing to hire Andreas Renschler, who left Daimler in January, to run its truck business, people familiar with the matter said last month.

Renschler, 55, was head of the Daimler Trucks division, the world's biggest maker of heavy vehicles, from late 2007 until he became Mercedes's production chief in a job swap in April 2013 with car-industry veteran Wolfgang Bernhard, whose background also includes a stint at VW.

Daimler said on Jan. 28 that Renschler's departure was for personal reasons. VW wants Renschler to succeed truck-unit chief Leif Oestling, 68, to oversee the company's push to integrate its MAN and Scania businesses and the VW commercial-van unit, sources said.

Pischetsrieder is supervisory board chairman of Munich Re, the world's biggest reinsurer.

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