BERLIN (Reuters) -Mercedes-Benz announced changes to its top management on Wednesday, replacing chief technology officer Markus Schaefer with head of production Joerg Burzer, as it pursues cost efficiencies with a younger board.

Burzer, aged 55, will assume responsibility for development and procurement and take on the CTO role from the beginning of December together, the German company said in a statement.

Schaefer, who oversaw Mercedes' shift from traditional combustion-engine cars to electric models, will leave the company after 30 years.

Michael Schiebe, aged 42 and currently head of the high-performance division Mercedes AMG, will become management board member for production.

"With Joerg Burzer and Michael Schiebe, two outstanding managers from our own ranks are taking over key departments that are of decisive importance for the future success of the Mercedes-Benz Group," Mercedes supervisory board head Martin Brudermueller said.

The company said the appointments were part of a strategy pursuing "fresh impetus and a targeted rejuvenation of the board".

The changes come as Mercedes and its peers grapple with slowing electric-vehicle demand, intensifying competition in China and a broader push to cut costs amid a strategic pivot away from combustion engines.

(Reporting by Rachel More, editing by Thomas Seythal)