Mr Pischetsrieder (73) was nominated for the position in December after former Daimler CEO Dieter Zetsche withdrew his candidacy for the job amid opposition from shareholders unhappy about the car-maker’s results during his tenure.
Mr Pischetsrieder has been a member of Daimler’s supervisory board since 2014. He began his career at BMW in 1973 and rose to become CEO in 1993, a position he held until 2000.
He was appointed CEO of VW Group in 2002 but was ousted four years later after a power struggle with then-chairman Ferdinand Piech.
Mr Bischoff (77) joined Daimler in 1976 and became head of the finance department in 1985.
Manfred Bischoff
He was later the chairman of Deutsche Aerospace (later DaimlerChrysler Aerospace) and of the European Aeronautic Defense and Space Company (EADS).
He stepped down from the management board of DaimlerChrysler in 2003, and in 2006 joined the supervisory board, becoming chairman in 2007.
Daimler CEO Ola Kallenius said: “It is fair to say that Manfred Bischoff has left his mark on a piece of German industrial history.
“This company is extremely well positioned for the future, and that is largely thanks to him.”
Daimler also named three new members to the supervisory board: Elizabeth Centoni, chief strategy officer and general manager of applications at Cisco Systems; Ben van Beurden, CEO Royal Dutch Shell; and Martin Brudermueller, chairman of the board of executive directors of BASF.
In addition to Mr Bischoff, departing board members include Petraea Heynicke and Juergen Hambrecht.
By Neil Dowling
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