Former BMW and Volkswagen Group CEO Bernd Pischetsrieder has been named chairman of the supervisory board at Daimler, succeeding Manfred Bischoff, who is stepping down after 14 years in the position.

Pischetsrieder, 73, was nominated for the position in December after former Daimler CEO Dieter Zetsche withdrew his candidacy for the job amid opposition from shareholders unhappy about the automaker's results during his tenure.