Rainer Schmueckle has joined Advent International, a global financial investment firm, as an operating officer. After 26 years, in June 2010, Schmueckle lost his position at Daimler AG’s Mercedes-Benz car unit to Wolfgang Bernhard.
Bernhard, who rejoined Daimler in 2009 after a four-year absence, was tasked to oversee Mercedes’ procurement and production in February, replacing Schmeuckle, who was Daimler CEO Dieter Zetsche’s No. 2 before the management reorganization.
Schmueckle was known for his ability to revive ailing subsidiaries of the corporation. A successful turnaround that Schmueckle had been at the center of was at Daimler’s U.S. heavy-trucks unit, Freightliner. Before Daimler sold its former U.S. unit, Bernhard was Zietsche’s right-hand man at Chrysler.
Bernhard was to become head of Mercedes cars in 2004 before union opposition to his appointment and disagreements with then-CEO Juergen Schrempp led to his demotion and eventual departure from the Company.
Meanwhile, Schmueckle will identify investment opportunities and advise Advent’s customers on strategic and operational development. Advent controls $26 billion in client funds.