- Push-out Score suggests push-out forces
- Praise and thanks for Uebber
- Search for a successor
- Uebber kept it short and said 37 words
(exechange) — Stuttgart, Germany, October 8, 2018 — Bodo Uebber, finance chief of Daimler, prepares for his departure. As announced by Daimler AG in a news release published on Monday, October 8, 2018 and in an ad-hoc statement published on Sunday, October 7, 2018, Bodo K. Uebber leaves his post as Chief Financial Officer at the automobile company after 16 years in the role, effective December 31, 2019.
It is the end of an era.
Daimler will undertake a search for a successor.
It is a long goodbye. The announcement of Uebber’s move comes up to 15 months prior to his planned departure from the post of CFO.
In general, a top executive who announces the departure very early may be considered a lame duck.
Lengthy lead times give boards extra time to find replacements, and they also create uncertainty. Would-be successors may jockey for attention and workers may wonder who is actually in charge.
Generally speaking, lame-duck leaders can take a forceful role in selecting a successor and are not expected to launch major shifts.
“To shape successfully the upcoming far-reaching structural changes”
A reason for Uebber’s departure from the CFO post was not explicitly given. Daimler said: “After 16 years being a Board member by then, Bodo Uebber, would like to give the company and the new Chairman of the Board of Management of Daimler AG, Ola Källenius, the opportunity to build a new long-term focused team, to shape successfully the upcoming far-reaching structural changes further on. In its meeting on September 26, 2018, the Supervisory Board decided to appoint Ola Källenius as Chairman of the Board of Management of Daimler AG and Head of Mercedes-Benz Cars, effective at the end of the Annual Shareholders’ Meeting in May 2019. Dieter Zetsche will therefore step down from his position in the Board of Management of Daimler AG and as Head of Mercedes-Benz Cars at the end of the Annual Shareholders’ Meeting on May 22, 2019.”
Precise information about Uebber’s future plans was not immediately available.
“He does not intend to extend his contract of service”
Daimler said: “Bodo Uebber, Member of the Board of Management of Daimler AG responsible for Finance & Controlling and Daimler Financial Services has informed the Chairman of the Supervisory Board, Manfred Bischoff, today that he is not seeking to extend his current appointment ending in December 2019.”
Daimler further said: “Bodo Uebber has informed the Chairman of the Supervisory Board, Manfred Bischoff, that he does not intend to extend his contract of service, which runs until the end of 2019.”
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.
On April 4, 2007, Bischoff was elected chairman of the Supervisory Board of DaimlerChrysler AG.
CEO: Dieter Zetsche
Dieter Zetsche serves as CEO of Daimler AG. Dieter Zetsche has been a member of the Board of Management of Daimler AG since December 16, 1998, and Chairman of the Board of Management of Daimler AG since January 1, 2006. He is also Head of Mercedes-Benz Cars Division.
In the position of CFO since 2003
Bodo Uebber has been a member of the Board of Management of Daimler AG since December 16, 2003, and is responsible for Finance & Controlling and Daimler Financial Services Division since December 16, 2004, as well as for Mergers & Acquisitions.
Uebber’s bio reads as follows:
Appointed until: December 2019. First appointed: 2003.
He was born in Solingen on August 18, 1959. He studied engineering and economics at the Technical University Karlsruhe, completing a Diploma. He joined the then Messerschmitt-Bölkow-Blohm GmbH in 1985.
Previous positions in the company:
- Member resp. Chairman of the Board of Directors, EADS N.V., 05/2007 – 03/2013
- Deputy Member of the Board of Management of DaimlerChrysler AG and Chairman of the Board of Management of DaimlerChrysler Services AG, Berlin, 2003
- Member of the Board of Management and Chief Financial Officer, DaimlerChrysler Services AG, Berlin, 2001
- Vice President Finance/Controlling and IT/Services, MTU Aero Engines GmbH, München, 1998
- Director Controlling Aerospace/Defense and Civil Systems, DASA AG, Ottobrunn, 1995
- Director Controlling, Dornier Luftfahrt GmbH, Oberpfaffenhofen, 1992
- Director Finance & Accounting Defense and Civil Systems, DASA AG, Ottobrunn, 1989
- Senior Manager Accounting Defense and Civil Systems, MBB GmbH, Stuttgart, 1988
- Manager Production Controlling Defense and Civil Systems, MBB GmbH, Stuttgart, 1985.
Generally speaking, when a top manager announces to step aside with no successor available, it’s a sign that the change was unexpected and too early.
Push-out Score suggests push-out forces
It is not completely certain what forces eventually triggered Bodo Uebber’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 42.2018 ($).