Daimler approves three-year extension to CEO Dieter Zetsche’s contract

Article by Christian Andrei, on August 29, 2010

A three-year extension to CEO Dieter Zetsche's contract was approved by Daimler AG's supervisory board, according to a source who spoke with Reuters. There have been plenty of speculation about the future of Zetsche but company insiders say that there never was any question about his standing and that in fact, his contract will be extended beyond 2013.

A Daimler spokesman declined to comment but then it's to be expected since the company has a policy of not giving out statements about boardroom matters or personnel issues.

In May 2013, Zetsche will turn 60. Many have noted that upon reaching this age, rival BMW AG will only extend contracts by one-year intervals, if at all.

All eyes are on how Zetsche manages the company in this difficult period in the global premium car and commercial vehicle market. His performance will likely dictate whether his stay is extended or be placed by someone else, most likely to be Wolfgang Bernhard.

Days ago, Bernhard replaced Rainer Schmueckle as head of production at premium division Mercedes-Benz Cars.

This key management change follows the resignation of sales chief Klaus Meier last September. Joachim Schmidt replaced Meier. Zetsche, who serves as CEO of Mercedes, has recognized Bernhard's competence ever since they first formed a duo at Chrysler in 2000.

Zetsche had been very vocal in criticize a decision by predecessor Juergen Schrempp to compel Bernhard to depart four years later. Bernhard had been in line to be Mercedes CEO.

If you liked the article, share on:

Comments

Login or Create new account to add a comment!

Recommended

The highlight of this year’s Consumer Electronics Show may be based on some of these keywords---connectivity, integration and partnership. Just like in the previous year, you’ve probably heard and read...
by - January 16, 2017
Less than three weeks to go and the Super Bowl LI – one of the most awaited and most watched sports events in television – will commence on February 5,...
by - January 16, 2017
New Tesla vehicles will have to pay when charging at any of the carmaker’s Supercharger stations once they exceed their annual limits. This comes as Tesla Motors announced revisions in...
by - January 16, 2017
Off-road driving with an open air vehicle provides another kind of experience for many off-road enthusiasts and fans. For this sake, Ford is planning to offer a version of the...
by - January 16, 2017
For those who love driving, future autonomous cars should be like the Toyota Concept-i that is drawing in a multitude of visitors at the 2017 Consumer Electronics Show in Las...
by - January 15, 2017
Facebook

Youtube Channel

Tip Us
Do you have a tip for us?
Did you film an important event?
Contact us
Newsletter
Subscribe to our newsletter!
Subscribe
Galleries