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"At its meeting today the supervisory board appointed Stephan Engels to succeed Eric Strutz on the management board," Commerzbank said in a statement.
"Engels is expected to assume his new role as chief financial officer with effect from April 1."
Engels, 49, has been head of finance and controlling at Mercedes-Benz and head of group controlling at Daimler since 2007.
Prior to that he was chief financial officer at DaimlerChrysler Bank and at DaimlerChrysler Services.
Strutz, board member since 2004, announced in August that he intended to quit.