Supervisory Board of Daimler AG extends contracts of Dr. Dieter Zetsche and Prof. Dr. Thomas Weber

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In its meeting today, the Supervisory Board of Daimler AG passed a unanimous resolution to extend the contract of service of Dr. Dieter Zetsche, Chairman of the Board of Management of Daimler AG and Head of Mercedes-Benz Cars, until December 31, 2016. The contract of service of Prof. Dr. Thomas Weber, Board of Management Member for Group Research and Mercedes-Benz Cars Development, was also extended until December 31, 2016.

As of April 1, 2013, Andreas Renschler will assume Board of Management responsibility for production and purchasing of Mercedes-Benz Passenger Cars & Mercedes-Benz Vans. At the same time, Dr. Wolfgang Bernhard will assume Board of Management responsibility for Daimler Trucks.

Dr. Dieter Zetsche has been a member of the Board of Management of Daimler AG since December 16, 1998 and its Chairman since January 1, 2006. He is also Head of the Mercedes-Benz Cars division.

Prof. Dr. Thomas Weber has been a member of the Board of Management of Daimler AG since January 1, 2004 and is responsible for Group Research and Mercedes-Benz Cars Development.

Andreas Renschler has been a member of the Board of Management of Daimler AG and Head of Daimler Trucks since October 1, 2004. Dr. Wolfgang Bernhard has been a member of the Board of Management of Daimler AG and Head of Operations Mercedes-Benz Cars since February 18, 2010.

Dr. Manfred Bischoff: “The long-term orientation of the Group’s leadership is an essential factor for Daimler’s sustained success. With today’s extensions of the contracts of Dieter Zetsche and Thomas Weber, we are maintaining the important continuity at the top executive level.”

“Dieter Zetsche and the Board of Management have a clear plan how to further enhance Daimler’s overall performance together with their team. Dieter Zetsche is distinguished of course by his great experience, but also by his ability to combine a feeling for cars with sound engineering knowledge and an entrepreneurial approach,” continued Dr. Bischoff.

“Research and development are two key areas in the automobile industry. I am therefore delighted that we will continue the successful collaboration with Thomas Weber. He will steadily continue to maintain Daimler’s claim to technological leadership,” stated Dr. Bischoff.

“Wolfgang Bernhard and Andreas Renschler are two highly experienced members of Daimler’s Board of Management. With this change, they will both be able to utilize their management know-how from their previous responsibilities within in their new functions, thus expanding their own expertise in all automobile areas,” explained Dr. Bischoff.

The contracts of service of Dr. Zetsche and Prof. Dr. Weber would otherwise have expired in December 2013. In accordance with Section 84 Subsection 1 of the German Stock Corporation Act (AktG) and with the Rules of Procedure of the Supervisory Board of Daimler AG, the Supervisory Board passes a resolution on reappointments to the Board of Management at the beginning of the last year of a member’s current period of office.

Credits: Daimler AG

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

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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.

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