FRANKFURT -- Rainer Schmueckle, who lost his position at Daimler AG's Mercedes-Benz car unit to Wolfgang Bernhard earlier this year, has joined global financial investment firm Advent International as an operating officer. The former Mercedes chief operating officer will identify investment opportunities and advise Advent's customers on strategic and operational development.
Advent controls about $26 billion in client funds.
Bernhard, who rejoined Daimler in 2009 after a four-year absence, was appointed to oversee Mercedes's production and procurement in February, taking over responsibilities from Schmueckle, who was Daimler CEO Dieter Zetsche's No. 2 prior to the management shake-up.
Schmueckle left the automaker in June, ending a 26-year relationship with the company where he was recognized for his ability to revive ailing subsidiaries of the corporation. One example was the successful turnaround Schmueckle led at Daimler's U.S. heavy-trucks unit, Freightliner.
Bernhard was Zetsche's right-hand man at Chrysler before Daimler sold its former U.S. unit.
He was due to become head of Mercedes cars in 2004 before union opposition to his appointment and disagreements with then-CEO Juergen Schrempp led to his demotion and eventual departure from the company.
After a stint as Volkswagen brand CEO between 2005 and 2007, Bernhard returned to Daimler last April to take a job as head of the company's low-profile vans business -- a move seen as a stepping stone back into Daimler's executive ranks.