Daimler extends CFO’s, Bodo Uebber, contract by 5 years to 2019

Article by Anita Panait, on February 25, 2014

Bodo Uebber's contract as Chief Financial Officer at Daimler has been extended by five years through 2019, the German carmaker said in a statement. He will continue to be in charge of overseeing finance as well as mergers and acquisitions at Daimler. Chief executive Dieter Zetsche has pledged to have Mercedes-Benz reclaim the global premium-car sales crown.

Mercedes has managed to outpace its rivals in terms of sales in 2013, and Daimler is expecting profits this year to rise "significantly" as the carmaker launches new cars and trucks. "We are delighted to continue the excellent cooperation with Bodo Uebber," Supervisory Board Chairman Manfred Bischoff said in the statement, adding that the man is an "outstanding CFO." "Daimler is soundly financed and has very good access to, and a very good reputation in, the capital market."

In 2013, the supervisory board extended Zetsche’s contract by three years, instead of the more usual five, as investors and labor leaders expressed concerns that profit at the carmaker wasn't meeting targets. The renewal was laden with a condition that Wolfgang Bernhard take over as Daimler Trucks division chief, swapping job with Andreas Renschler, who became production and purchasing at Mercedes.

Renschler resigned in January, citing personal reasons. Finance strategy under Uebber has entailed capturing a EUR9 billion ($12.4 billion) credit line from 40 banks in 2013 and acquiring stakes in partners such as Beijing Automotive Group Co.'s carmaking unit and Tesla Motors Inc. Uebber has been a member of Daimler's management board since December 2003.

Topics: daimler

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