Dieter Zetsche, the chairman of F1 team Mercedes' parent company Daimler, is stepping down.

The Financial Times reports that the 65-year-old is retiring next year and will be replaced by fellow board member Ola Kallenius.

Daimler said the change, with Zetsche returning after a two year period to be supervisory board chairman, is because of "challenges presented by the transformation of the automotive industry".

He will leave his current role in May next year.

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