Mercedes-AMG poaches new CEO from Volkswagen

Core Insights - Mercedes-AMG has appointed Stefan Weckbach as the new CEO, effective from July 1, 2026, succeeding Michael Schiebe [1][2] - Weckbach brings extensive experience from his previous roles at Porsche and Volkswagen, particularly in electric vehicle projects and product strategy [3][4] - The company is currently facing challenges, with a reported decline in performance for Q3 2025, including a 7% drop in revenue and a 70% decrease in EBIT [5] Leadership Changes - Stefan Weckbach will also serve as chairman of the Management Board of Mercedes-AMG and will oversee the Top End Vehicle Group, which includes the Maybach and G-Class lines [1][2] - Michael Schiebe will transition to a new role as Member of the Board of Management for Production, Quality & Supply Chain Management [2] Weckbach's Background - Weckbach has a strong background in product strategy and has held senior positions at Porsche, focusing on model line management and concept vehicle development [3][4] - His leadership is expected to enhance the development of Mercedes-AMG, Mercedes-Maybach, and the G-Class product division [4] Financial Performance - In Q3 2025, Mercedes-Benz Group reported a revenue decline of 7% to €32.14 billion ($37.37 billion) and a significant 70% drop in EBIT to €750 million [5] - Adjusted EBIT decreased by 17% to €2.09 billion, while net profit fell by 31% to €1.19 billion, resulting in earnings per share of €1.22, a 33% decline [5]