Mr Renschler joined Daimler-Benz AG in 1988 and began setting up the production facility in Tuscaloosa, USA, in 1993. In 1999 he took on responsibility for executive management development at the former DaimlerChrysler corporation. He was appointed president of smart GmbH from 1999. Renschler was named member of the Daimler AG Board of Management in 2004, holding responsibility for Daimler Trucks and Daimler Buses until March 2013 and subsequently taking charge of Manufacturing and Procurement at Mercedes-Benz Cars and the Mercedes-Benz Vans business unit from April 2013.

Mr Renschler had been tipped as a possible replacement to succeed Daimler CEO Dieter Zetsche but unexpectedly announced his resignation last month.

Mr Renschler will take over from Dr Leif Östling, who retires from the Board of Management next year but will continue to make a significant contribution to the work of the commercial vehicles supervisory bodies in the Volkswagen Group.