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Daimler extends CEO's contract for further 3 years

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(Globalpost/GlobalPost)

German automaker Daimler said on Thursday its supervisory board had decided to extend the contract of the group's chief executive Dieter Zetsche for another three years.

"In its meeting today, the supervisory board of Daimler AG passed a unanimous resolution to extend the contract of service Dieter Zetsche, chairman of the board of management of Daimler AG and head of Mercedes-Benz Cars, until December 31, 2016," the company said in a statement.

Zetsche, who turns 60 this year, joined Daimler's executive board in 1998 and was appointed CEO in January 2006.

The board member responsible for research and development, Thomas Weber, also saw his contract extended for another three years until the end of 2016.

Supervisory board chief Manfred Bischoff said 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," Bischoff said.

"Dieter Zetsche and the board of management have a clear plan how to further enhance Daimler's overall performance together with their team," Bischoff added.

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http://www.globalpost.com/dispatch/news/afp/130221/daimler-extends-ceos-contract-further-3-years