Daimler CEO Dieter Zetsche leaves

  • Push-out Score suggests push-out forces
  • After around 13 years in the position
  • Praise for Zetsche
  • Ola Källenius taking over
  • Zetsche kept it short and said 51 words

(exechange) — Stuttgart, Germany, September 26, 2018 — Dieter Zetsche, chief executive of Daimler, leaves his post. His departure is made public at an early stage. As announced by Daimler AG in a news release on Wednesday, September 26, 2018, Dieter E. Zetsche leaves his post as Chief Executive Officer at the automotive corporation after around 13 years in the role, effective May 22, 2019.

It is the end of an era.

Zetsche’s duties will be taken over by Ola Källenius, currently member of the Board of Management of Daimler AG.

“Challenges presented by the transformation of the automotive industry”

Daimler said: “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.”

Share price decline

The change follows a decline in the share price of Daimler AG since March 2015.

Chaired by Manfred Bischoff

Daimler AG is chaired by Manfred Bischoff.

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.

In the position of CEO since 2006

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.

Push-out Score suggests push-out forces

It is not completely certain what forces eventually triggered Dieter Zetsche’s move.

The Push-out Score™ determined by exechange suggests that push-out forces may have contributed to the change.

Read the full story in the exechange report 40.2018 ($).