A few weeks after Daimler picked Ola Kallenius as its next CEO, the company’s CFO Bodo Uebber has decided to step down from his position, marking as the German automaker’s first top-level departure.

Uebber who served as the CFO of the company since 2004, said that “he is not seeking to extend his current appointment” Daimler said in a statement on Sunday.

“It was not easy for me. But now is the time for the company to put my tasks also in younger hands,” said Bodo Uebber about his decision. “The path ahead, with its fundamental changes, requires long-term continuity in corporate management as well.” Before his decision to step down from the position Daimler saw him as a candidate to lead a holding company that bundles three different units of the company.

Uebber has been the flagbearer of Daimler’s new group structure which was created to give its cars, trucks and mobility-services more independence.

In May next year, shareholders of the company are expected to vote the changes at the annual general meeting. Daimler’s current CEO Dieter Zetsche in the last meeting at Paris stated that the proposed corporate revamp should boost efficiency and help turn around a stock slide that has reportedly erased one-fifth of the company’s value in 2018.