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Daimler Extends CEO Zetsche's Contract

Thu, 02/21/2013 - 10:57am

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

Zetsche, whose contract was due to run out in December, remains under pressure to improve earnings and profit margins that have lagged expectations. Zetsche also heads the Mercedes brand, Daimler's earnings mainstay where margins have recently fallen short.

The company also swapped 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 reseach and Mercedes development, until the end of 2016.

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