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Martin Schwenk, CFO, Mercedes-Benz China, will take over from Roland Folger as MD and CEO from November 2018.

Current MD and CEO, Roland Folger, will pursue a new role at the company after the completion of his three-year term in October 2018. Folger will take charge of Mercedes' operations in Thailand and Vietnam, and he will be succeeded by Martin Schwenk, CFO of Mercedes-Benz China from November 2018.

With Folger leading the company, Mercedes-Benz India strengthened its position as the country's highest-selling luxury carmaker. Under his leadership Mercedes also became the first carmaker to launch a locally assembled BS-VI-compliant vehicle in India, two years ahead of the government deadline of April 2020.

Folger is considered to be one of the best CEOs to have steered Mercedes in India. Martin Schwenk, who takes over, has held various positions in finance and controlling, including in Germany, South Africa, Austria and the United States.

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