Wheels24

Zetsche stays at Daimler wheel

2013-02-22 08:27

FRANKFURT, Germany - Automaker Daimler AG has extended the contract of its chief executive Dieter Zetsche by three years to the end of 2016.

Zetsche, whose contract was due to run out in December 2013, remains under pressure to improve earnings and profit margins that have not met expectations. Zetsche also heads the Mercedes brand, Daimler's earnings mainstay where margins have recently fallen short.

TWO MOVING

The company also swopped the responsibilities of two top managers. Wolfgang Bernhard moves from head of operations at Mercedes to head the company's truck division.

Truck division head Andreas Renschler will move to Bernhard's former job at Mercedes.

The board also extended the contract of Thomas Weber, head of group research and Mercedes development, until the end of 2016.

AP