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Daimler: streamlines management structure, creates COO role

( - Daimler said on Thursday that it will streamline its organisational structure, creating a new COO role in order to face the challenges of a "highly volatile environment" in the auto industry.

Markus Schafer, currently member of both the Daimler and Mercedes-Benz management boards, will take the new role of chief operating officer at the Daimler level, the German car giant said.

In this role, he will be responsible for group research and Mercedes-Benz cars development, also controlling the value creation process at Mercedes-Benz cars, from development to production.

Daimler said it will also streamline its finance and controlling department by merging the financial areas of Daimler and Mercedes-Benz under the direction of Harald Wilhelm.

The executive will take on the additional function of chief financial officer at Mercedes-Benz on 1 April, Daimler said.

These changes are intended to enable the group to be able to react "faster" and "more precisely" to changing customer needs and complex market requirements, Daimler said.

The Daimler share is currently up 1.7% on the Frankfurt Stock Exchange.

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