Daimler may extend CEO Dieter Zetsche’s contract beyond 2016

Article by Christian A., on April 11, 2014

Dieter Zetsche is bound to see his contract as Daimler AG’s chief executive extended beyond 2016, according to senior executives at the German carmaker. In 2013, Daimler’s supervisory board extended Zetsche’s contract by only three years to 2016, but the carmaker’s current product momentum, improving profits and the recent exit of Mercedes-Benz production chief Andreas Renschler all points to some continuity in the CEO post, a person familiar with the thinking of the board told Reuters.

Daimler’s 20-member supervisory board formally appoints management board members. The source told Reuters that a formal decision won’t be made until before 2016, noting that the past year has shown “how much can change in 12 months. The source added the current momentum was working in favor of extending Zetsche's contract.

Last year, the supervisory board reshuffled its senior managers, sending Wolfgang Bernhard from Mercedes-Benz as production chief to head Daimler’s truck business. Daimler has acknowledged it was considering potential scenarios for succession, but said that no decision was imminent.

Supervisory board chairman Manfred Bischoff said at the annual general meeting that the board is preoccupying itself intensively with the issue of succession.

He noted that while it is not urgent topic, it has to be planned in advance. His remark was interpreted by senior Daimler executives as emphasizing the scenario that Zetsche's contract would be extended, according to another senior Daimler executive.

Daimler's labor representatives, who control half of the seats on the supervisory board, have demanded that the list of possible CEO candidates be extended beyond Bernhard and chief financial officer Bodo Uebber, a person privy with the board's thinking told Reuters. [source: automotive news - sub. required]

If you liked the article, share on:

Comments

Recommended

Just a month ago, Wolfgang Durheimer, the former president of Bugatti, was removed from the company so he could replace Stephan Winkelmann, former Lamborghini CEO and Audi Sport boss as...
by - September 23, 2017
BMW will be launching a new Competition Package especially for the M5’s 2018 model year. While in Frankfurt, Andy Cook, BMW’s product exec has talked with Motor 1 regarding some...
by - September 22, 2017
BMW’s pure M and M-performance are currently being offered with six- and eight-cylinder turbocharged engines. But while German premium rival Mercedes-Benz offers – through its AMG division – a line...
by - September 22, 2017
In a recent report by Automotive News, we learned that FCA is no longer pursuing its original plans in using Alfa Romeo’s Giorgio architecture on both the Dodge Charger and...
by - September 22, 2017
Volvo Cars is proving that it is serious in its intention to grab a good piece of the global market for premium sports utility vehicles. While its XC60 and the...
by - September 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