BERLIN (Reuters) -Mercedes-Benz announced changes to its top management on Wednesday, replacing chief technology officer Markus Schaefer with head of production Joerg Burzer, as it pursues cost efficiencies with a younger board.

Burzer, aged 55, will assume responsibility for development and procurement and take on the CTO role from the beginning of December together, the German company said in a statement.

Schaefer, who oversaw Mercedes’ shift from traditional combustion-engine cars to electric models, will leave the company after 30 years.

Michael Schiebe, aged 42 and currently head of the high-performance division Mercedes AMG, will become management board member for production.

“With Joerg Burzer and Michael Schiebe, two outstanding managers from our own ranks are taking over key d

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