Daimler CEO Dieter Zetsche Has Contract Renewed by 2018 image

An anonymous source said that Daimler’s CEO Dieter Zetsche contract will be extended by five more years until 2018.

According to the source Daimler’s supervisory board decided to extend Dieter Zetsche’s contract by five more years until the end of 2018. Zetsche, who is also the head of the Mercedes-Benz brand, will be 65 years old in 2018 when the new contract will expire.

“The board meeting on February 6 is just to approve the preliminary annual earnings results. The first full board meeting where personnel issues will be discussed is on February 21,” the source said.

Also on February 6th, Thomas Weber, 58, research & development chief, is also expected to have his contract extended by five more years, as well as Christine Hohmann-Dennhardt, who heads compliance.

Recently, Daimler agreed to buy 12% of BAIC Motor, Beijing Automotive Group’s passenger car unit and the finalization of the transaction is expected by the end of this year or the beginning of 2014. Dieter Zetsche has promised that by the end of the decade Mercedes will regain the top spot lost in 2005 to BMW.

“I assume that we will be able to sell significantly more cars in the future and that our productivity will rise,” Mr Zetsche said. “Overall, the number of employees should remain largely constant.” Mr Zetsche also said he was satisfied with the group’s investor structure, saying the risk of a takeover “belonged to the realm of the imagination”.