Daimler extends Dieter Zetsche’s contract until 2019 image

The German automaker has just announced that its current Chief Executive Officer will remain at the top of the company for three more years.

There were many rumours lately around Daimler’s CEO position, some of them claiming that Dieter Zetsche could be replaced from the top of the company when his contract ran out at the end of this year. However, there is no room for speculation anymore, as in a meeting on Tuesday, the Supervisory Board of Daimler AG extended Zetsche’s contract (aged 62) by three years until December 31, 2019. He will remain Chairman of the Board of Management of Daimler AG and Head of Mercedes-Benz Cars until that date. “Daimler is more successful than ever. This proves that Dieter Zetsche pursues and implements the right strategy not only aligned with the supervisory board,” said Manfred Bischoff, Chairman of the Board. Despite various suppositions, Zetsche’s extension was expected and comes after the car and truck maker posted record profits and car sales in 2015. He has successfully turned around Mercedes-Benz during his decade as Chief Executive, following a disastrous merger with Chrysler.

On the same meeting, Daimler’s Board also appointed Ola Kallenius (46) as member of the Board of Management responsible for Group Research and Mercedes-Benz Cars Development effective from January 1, 2017, thus making him the front-runner to succeed Dieter Zetsche. Kallenius will succeed Thomas Weber (61), who will leave the company when his contract expires on December 31, 2016, by mutual agreement and at his own request, Daimler said.