Mercedes-Benz India management changes: Martin Schwenk to be new MD & CEO

German luxury carmaker Mercedes-Benz on Monday announced a top-level management change in India with Martin Schwenk set to take over as Managing Director and CEO from November 1, 2018.

Schwenk, currently the Chief Financial Officer of Beijing Mercedes-Benz Sales Service Co Ltd in China, will take over from Roland Folger, who will assume a new position for the company's Thailand and Vietnam markets, it said in a statement.

Folger has been instrumental in Mercedes-Benz regaining its leadership position in the Indian luxury car segment and in the last three years under his leadership the company witnessed significant growth rates achieving the highest market share in the luxury car segment, it added.

"In 2017, Mercedes-Benz India achieved sales history by crossing the 15,000 annual sales number," the statement said.

Reflecting on his stint in India, Folger said:"I am very satisfied about Mercedes-Benz India's strong leadership position in the market and our relentless efforts in creating new benchmark in customer delight."

On the prospects of his new role in India, Schwenk said:"India's rich cultural diversity, the young population, the diverse customs, different languages and topography together with its importance as a future economic power house; makes it a compelling market to grow the business."

Schwenk, who began his career at Daimler in 1992, through the Mercedes-Benz Trainee Programme, has an engineering degree from the University of Stuttgart.

He has taken various important positions in finance and controlling in several locations, including Germany, South Africa, Austria and the US, the company said.