Daimler sets its course for the future: Dieter Zetsche to succeed Manfred Bischoff in the Supervisory Board - Ola Källenius to become Chairman of the Board of Management of Daimler AG in 2019
STUTTGART, Germany, Sept. 26, 2018 /PRNewswire/ --
- Supervisory Board prepares succession at an early stage
- Dieter Zetsche to be elected as member of the Supervisory Board in 2021
- Ola Källenius to be appointed for a new term of five years as Chairman of the Board of Management of Daimler AG and Head of the Mercedes-Benz Cars division
The regular expiry of the term of office of the Chairman of the Supervisory Board, Dr. Manfred Bischoff, is at the end of the Annual Shareholders' Meeting in 2021. In view of the challenges presented by the transformation of the automotive industry, the Supervisory Board intends to prepare a suitable succession at an early stage. The Supervisory Board of Daimler AG intends to propose to the shareholders at that meeting that Dieter Zetsche be elected as a member of the Supervisory Board. Manfred Bischoff will recommend the election of Dieter Zetsche as his successor as the Chairman of the Supervisory Board, taking effect at the end of the Annual Shareholders' Meeting in 2021.
In order to comply with the two-year cooling-off period, Dieter Zetsche will therefore step down from his position in the Board of Management of Daimler AG and as Head of Mercedes-Benz Cars effective at the end of the Annual Shareholders' Meeting in 2019. In its meeting today, the Supervisory Board of Daimler AG therefore decided to appoint Ola Källenius for a new term of five years as Chairman of the Board of Management of Daimler AG, effective in direct connection, and also to appoint him as the Head of the Mercedes-Benz Cars division.
"As a long-standing member of the Board of Management and Chairman of the Board of Management, Dieter Zetsche has played a key role in shaping Daimler AG and has ensured its strategically outstanding positioning for the mobility of the future. His expertise and experience are extremely valuable for our company. Dieter Zetsche is predestined also to lead the company's Supervisory Board prudently and successfully. As Chairman of the Board of Management, he has proven that he can lead Daimler AG also in difficult circumstances and can inspire employees to pursue ambitious goals. With Dieter Zetsche's intended appointment as Chairman of the Supervisory Board, we are ensuring continuity for the sustained success of Daimler AG. In Ola Källenius, we are appointing a recognized, internationally experienced and successful Daimler executive as Chairman of the Board of Management of Daimler AG and Head of Mercedes-Benz Cars. At the same time, we are relying on the proven dual responsibility of the Chairman of the Board of Management as the head of the largest division, Mercedes-Benz Cars," stated Manfred Bischoff, Chairman of the Supervisory Board of Daimler AG.
Michael Brecht, Deputy Chairman of the Supervisory Board of Daimler AG and Chairman of the General Works Council of Daimler AG: "With today's resolutions and recommendations, the Supervisory Board has made powerful and good decisions. On the one hand, we are making the Board of Management of Daimler AG younger and thus giving it new impetus. On the other hand, by recommending the election of Dieter Zetsche to the Supervisory Board, the successful and trusting cooperation with him will be continued. In the Supervisory Board, we will continue to support the transformation into a mobility company, thus securing the successful course of the Daimler Group."
Commenting on the nomination of Ola Källenius by the Supervisory Board, Dieter Zetsche said: "In various positions at Daimler, Ola Källenius has earned not only my respect, but also the recognition of his colleagues in very diverse areas. At the same time, he contributes a valuable international perspective. I therefore very much welcome the fact that the Supervisory Board has made this forward-looking personnel decision." Further information is available in a blog entry by Dieter Zetsche at: https://blog.daimler.com/en/2018/09/26/dieter-zetsche-ceo-ola-kaellenius-mercedes-benz/
The Supervisory Board has decided to appoint Markus Schäfer as the successor of Ola Källenius with responsibility for Group Research and Mercedes-Benz Cars Development in the Board of Management of Daimler AG. Markus Schäfer has displayed outstanding leadership qualities and strategic farsightedness in various technical management positions at the Mercedes-Benz Cars division. He was appointed to the divisional board of management of Mercedes-Benz Cars in January 2014 and has been responsible for Production and Supply Chain Management since then. His contract of service was extended in 2017 until February 2022.
Ola Källenius was appointed to the Board of Management of Daimler AG effective January 2015 and is Member of the Board of Management for Group Research and Mercedes-Benz Cars Development since January 2017. In February 2017, the Supervisory Board of Daimler AG extended his contract by five years until the end of December 2022.
Dieter Zetsche has been a member of the Board of Management since December 1998 and was appointed Chairman of the Board of Management of the former DaimlerChrysler AG in January 2006. In addition, he has been Head of the Mercedes-Benz Cars division since 2005. In February 2016, the Supervisory Board extended Dieter Zetsche's contract by three years until the end of December 2019.
Manfred Bischoff has been a member of the Supervisory Board since 2006 and has been its Chairman since 2007. In 2016, the Supervisory Board reelected Manfred Bischoff as its Chairman until the end of the Annual Shareholders' Meeting in 2021.
Curriculum vitae are available at: https://www.daimler.com/company/corporate-governance/
As a result of these personnel decisions by the Supervisory Board and the resolutions of the Board of Management of Daimler AG, the following appointments have been made at the Mercedes-Benz Cars division: Jörg Burzer, Head of Quality Management at Mercedes-Benz Cars, is to be the successor of Markus Schäfer. Wilko Stark, until now Head of Daimler Strategy and MBC Product Strategy and Planning & CASE, will take over the position of Head of Mercedes-Benz Cars Procurement and Supplier Quality on October 1, 2018. As of October 1, 2018, the CASE/EVA organization is managed as a unit in the Mercedes-Benz Cars Divisional Board. Sajjad Khan, Head of Digital Vehicle & Mobility, takes over the management in addition to its current position. As of October 1, 2018, Tobias Moers, CEO of Mercedes-AMG GmbH, will report directly to the Head of Mercedes-Benz Cars to reflect the growing importance of this business.
This document contains forward-looking statements that reflect our current views about future events. The words "anticipate," "assume," "believe," "estimate," "expect," "intend," "may," "can," "could," "plan," "project," "should" and similar expressions are used to identify forward-looking statements. These statements are subject to many risks and uncertainties, including an adverse development of global economic conditions, in particular a decline of demand in our most important markets; a deterioration of our refinancing possibilities on the credit and financial markets; events of force majeure including natural disasters, acts of terrorism, political unrest, armed conflicts, industrial accidents and their effects on our sales, purchasing, production or financial services activities; changes in currency exchange rates and tariff regulations; a shift in consumer preferences towards smaller, lower-margin vehicles; a possible lack of acceptance of our products or services which limits our ability to achieve prices and adequately utilize our production capacities; price increases for fuel or raw materials; disruption of production due to shortages of materials, labor strikes or supplier insolvencies; a decline in resale prices of used vehicles; the effective implementation of cost-reduction and efficiency-optimization measures; the business outlook for companies in which we hold a significant equity interest; the successful implementation of strategic cooperations and joint ventures; changes in laws, regulations and government policies, particularly those relating to vehicle emissions, fuel economy and safety; the resolution of pending government investigations or of investigations requested by governments and the conclusion of pending or threatened future legal proceedings; and other risks and uncertainties, some of which we describe under the heading "Risk and Opportunity Report" in the current Annual Report. If any of these risks and uncertainties materializes or if the assumptions underlying any of our forward-looking statements prove to be incorrect, the actual results may be materially different from those we express or imply by such statements. We do not intend or assume any obligation to update these forward-looking statements since they are based solely on the circumstances at the date of publication.
Daimler at a Glance
Daimler AG is one of the world's most successful automotive companies. With its divisions Mercedes-Benz Cars, Daimler Trucks,
Mercedes-Benz Vans, Daimler Buses and Daimler Financial Services, the Daimler Group is one of the biggest producers of premium cars and the world's biggest manufacturer of commercial vehicles with a global reach. Daimler Financial Services provides financing, leasing, fleet management, insurance, financial investments, credit cards, and innovative mobility services. The company's founders, Gottlieb Daimler and Carl Benz, made history with the invention of the automobile in the year 1886. As a pioneer of automotive engineering, it is a motivation and commitment of Daimler to shape safely and sustainably the future of mobility: The Group's focus is on innovative and green technologies as well as on safe and superior automobiles that appeal and fascinate. Daimler consequently invests in the development of efficient drive trains with the long-term goal of locally emission-free driving: from hightech combustion engines about hybrid vehicles to electric drive trains powered by battery or fuel cell. Furthermore, the company follows a consistent path towards intelligent connectivity of its vehicles, autonomous driving and new mobility concepts. This is just one example of how Daimler willingly accepts the challenge of meeting its responsibility towards society and the environment. Daimler sells its vehicles and services in nearly all the countries of the world and has production facilities in Europe, North and South America, Asia, and Africa. Its current brand portfolio includes, in addition to the world's most valuable premium automotive brand, Mercedes-Benz (Source: Interbrand-Study „The Anatomy of Growth", 10/5/2016), as well as Mercedes-AMG, Mercedes-Maybach and Mercedes me, the brands smart, EQ, Freightliner, Western Star, BharatBenz, FUSO, Setra and Thomas Built Buses, and Daimler Financial Services' brands: Mercedes-Benz Bank, Mercedes-Benz Financial Services, Daimler Truck Financial, moovel, car2go and mytaxi. The company is listed on the stock exchanges of Frankfurt and Stuttgart (stock exchange symbol DAI). In 2017, the Group sold around 3.3 million vehicles and employed a workforce of more than 289,300 people. With application of IFRS 15 and IFRS 9 in financial year 2017, Group revenue would have amounted to €164.2 billion and Group EBIT would have amounted to €14.3 billion. Before application of IFRS 15 and 9, Group revenue in 2017 amounted to €164.3 billion and Group EBIT amounted to €14.7 billion, as previously reported.
SOURCE Daimler North America - Corporate Communications
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