Daimler CEO Dieter Zetsche expects expiring contract to be extended

Article by Anita Panait, on January 22, 2013

Dieter Zetsche expects his contract as current chief executive of Daimler to be renewed after his term expires at the end of 2013, he told Welt am Sonntag newspaper in an interview. There have been speculations about Zetsche’s tenure in Daimler, as investors become increasingly concerned about the carmaker’s inability to close the performance gap with fellow German carmakers and rivals Audi and BMW.

Zetsche told the German daily that at the moment, there are good indications that he will continue as chief executive of Daimler. He said that Daimler's supervisory board would decide whether to renew his contract in February 2013. Daimler issued a profit warning in October 2012, saying it was facing "significantly more difficult market conditions."

A source privy with Daimler's supervisory board told Reuters in November 2012 that the problems would not be a hurdle in renewing Zetsche's contract, which expires on Dec. 31, 2013. The German carmaker has promised EUR2 billion ($2.7 billion) in cost cuts at Mercedes-Benz by the end of 2014. Zetsche told Welt am Sonntag that he expects that Daimler will sell significantly more cars in the future and will increase its productivity.

He added that the size of Daimler’s workforce “should remain largely constant." Zetsche remarked that he was satisfied with Daimler’s shareholder structure, saying that the risk of a takeover "belonged to the realm of the imagination." Zetsche disclosed at the Detroit auto show last week that he was not aware of any talks over a possible stake acquisition by China Investment Corp (CIC).

If you liked the article, share on:

Comments

Recommended

The 2018 Cadillac CTS-V sedan will be getting a new paint job that will give it a unique icy feel. Dubbed the Glacier Metallic Edition, this special model was built...
by - August 23, 2017
During the North American International Auto Show at Detroit in 2015, Hyundai introduced a concept pickup truck they named the Santa Cruz. This model took home the Concept Truck of...
by - August 23, 2017
Porsche introduces the technologically advanced wheels with braided carbon fiber. These will be initially available on the 911 Turbo S Exclusive Series. Being the first car manufacturer to offer such...
by - August 23, 2017
All eyes were turned to the fuchsia pink bespoke McLaren 720S MSO at the 2017 Pebble Beach Concours d’Elegance Sunday. Surely, we can understand why. The one-off supercar, which was...
by - August 23, 2017
Hyundai Motor Group – including both Hyundai Motor and Kia Motors – has disclosed a wide-ranging plan to introduce 31 environment-friendly models in a new development roadmap that aims to...
by - August 22, 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