Mercedes Replaces Technology Chief, Promotes CEO Ally

Mercedes-Benz Group AG is replacing its chief technology officer Markus Schäfer as the German luxury-car maker prepares for additional cost cuts.

Current production chief Jörg Burzer, 55, will take over as CTO from Dec. 1, Mercedes said Wednesday. Luxury-brand boss Michael Schiebe will succeed Burzer and also join the management board.