Dr. Zetsche's CEO contract extended for three years by Daimler - Original 5 year extension dropped

Daimler is keeping the same person at the top and not doing any top executive shuffling. Dieter Zetsche (also known as Dr. Z) will remain as Daimler CEO through 2016. There was talk of extending his contract further but due to his age (59) there were apprehensions about extending someone deep into their 60's. Head of research and development of Daimler cars at Thomas Weber also got an extension for the same time period as Zetsche.

Manfred Bischoff, chairman of the supervisory board which overseas the executives stated the following, "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."

Seems Zetsche has 3 years improve the value of Daimler stock considerably.


Source