Daimler CEO Dieter Zetsche To Step Down Next Year After 12 Years In Power

The Chief Executive Officer of Daimler, Dieter Zetsche, will step down next year (2019).

Daimler which is the parent brand of Mercedes said on Wednesday that Mr Zetsche, who has led Daimler since 2006, would be replaced by Ola Kallenius (former AMG boss), a board member who oversees research and development.

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Daimler said the change of management was in response to “challenges presented by the transformation of the automotive industry”.

Mr Zetsche is planning on returning to the carmaker after a two-year “cooling-off period”, when he will take over the chairmanship of the supervisory board from Manfred Bischoff, whose contract expires in 2021. At German companies, supervisory boards hold management to account.