REPORT: Daimler AG to renew contract of Dr. Dieter Zetsche

Don't Copy From This Blog...

A report cited by the German online economy publication WirtschaftsWoche ( www.wiwo.de ) reveals that Daimler AG is about to extend the contract of Dr. Dieter Zetsche as chairman of the company at the next meeting of the management board, taking place on the 21st February - some two months before the usual Annual General Meeting held in April.

The current contract of Dr. Z, renewed at the end of 2009, runs out on the 31st December this year. The anticipated extension is hardly a surprise, as the 59-year old managed to put order into things and restore the balance after the DaimlerChrysler flop. His credibility is undoubtful and he benefits from a lot of support and high approval of the team he is leading at Daimler.

The new mandate of Dr. Dieter Zetsche as chief of Daimler AG and head of Mercedes-Benz Cars will last five years up to the end of 2018, although there are suggestions some fund managers request a different executive for the automobile division. At the same meeting, the contracts of Dr. Thomas Weber, R&D boss, and Christine Hohmann-Dennhardt, executive compliance officer, will also be renewed.

During the same meeting, the level of this year's shareholder dividents is also expected to be agreed upon. Despite the facts Daimler AG revised its performance targets in decrease towards the end of 2012 and the prospects were less optimistic, it is widely believed among board members that, in the end, the value of 2.20 euros per dividend will be approved in majority or unanimously.

Copyright © 2013, mercedesgla. All rights reserved.