The outgoing BASF CEO Martin Brudermüller is to lead the Mercedes-Benz Supervisory Board from next year.

Mercedes Supervisory Board Chairman Bernd Pischetsrieder proposed the 61-year-old as his successor on Wednesday at the constituent meeting of the board following the Annual General Meeting, as the company announced. Former BMW CEO Pischetsrieder had announced a proposal there without naming a name. Brudermüller has been a member of the Supervisory Board of the Stuttgart-based car manufacturer for two years. He will leave BASF in spring 2024 after his contract was extended by another year.

Pischetsrieder will leave the Supervisory Board of Mercedes-Benz after the 2024 Annual General Meeting after ten years for reasons of age. The former BMW and Volkswagen boss took over as Chairman of the Supervisory Board two years ago. The long-standing Daimler CEO Dieter Zetsche actually wanted to take over the position at the time, but he withdrew following criticism from shareholders. At BASF, Brudermüller would not be able to join the Supervisory Board immediately because there is a "cooling-off period" of two years for board members after their term of office.

The Austrian entrepreneur Stefan Pierer is a new member of the Mercedes-Benz Supervisory Board. However, he received an unusually low approval rate of 82.4 percent. Shareholders had complained of a conflict of interest because Pierer is in the process of acquiring a majority stake in the crisis-ridden Nuremberg-based automotive supplier Leoni. He is thus saving the restructuring case from bankruptcy. He also indirectly holds a majority stake in the Swabian supplier SHW.

(Report by Ilona Wissenbach, Alexander Hübner and Victoria Waldersee. Edited by Christian Götz. If you have any queries, please contact the editorial team at frankfurt.newsroom@thomsonreuters.com)