Daimler’s CEO contract will be extended through 2019, as Dieter Zetsche’s tenure at the top of the German group was set to expire at the end of 2016.
He has spent almost two decades at different top-levels within the company. His resume includes titles such as member of the management board (since 1998), Mercedes-Benz car division (September 2005) and Daimler CEO (since December 2005).
His contract has been extended in similar fashion before, this being his second lease of life given by his board colleagues. As his main goal at the helm of Daimler, Zetsche promises to regain the No. 1 spot in the global luxury-car sales race. BMW took the lead back in 2005 and Audi has been second since 2011.
The medium-term goal sees a return on sales of 9 percent at Daimler’s vehicle-manufacturing businesses after generating a margin of 7.8 percent in 2014. In 2012, Zetsche indefinitely postponed a deadline for generating operating margins of 10 percent of sales at the unit. This target includes Smart and was originally set for 2010.