Daimler AG on May 22 said that its shareholders approved a hive-down restructuring plan that involves spinning off its car and van business and its truck and bus business into two legally independent entities.

The restructuring, called Project Future, will take effect from Nov. 1 and will see Mercedes-Benz managing the Mercedes-Benz Cars and Mercedes-Benz Vans divisions, and Daimler Trucks and Daimler Buses merged in Daimler Truck AG. Both the companies will be co-determined German stock corporations with registered offices in Stuttgart.

Additionally, Daimler Financial Services, which already operates independently, will be renamed to Daimler Mobility from July 24.

After the hive-down takes effect in November, Daimler will operate as the units' publicly listed parent and will provide groupwide services. The Mercedes-Benz parent said the restructuring aims to promote more operating flexibility and faster decision-making.

The company added that it has agreed with General Works Council to rule out redundancies for Daimler AG employees until 2030.

In the same release, Daimler said it will pay out an annual dividend of €3.25 per share, the second-highest in its history. As planned, CEO Dieter Zetsche stepped down and was replaced by Ola Källenius.