Doctor No

28 September 2020 By Christopher Thompson Follow @CGAThompson

Ex-CEO Dieter Zetsche is not taking charge of the $55 bln Mercedes maker’s supervisory board. That’s a rare win for critical shareholders. Still, the company’s plans to almost double its share of battery cars are behind rival BMW. Daimler could use an outsider at the wheel.

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Investors welcomed former Daimler Chief Executive Dieter Zetsche's decision to forego his role as chairman of the German carmaker’s supervisory board, Reuters reported on Sept. 27.

Zetsche, 67, a former head of the Mercedes-Benz brand, was due to take a seat as chairman of the board of directors at the Stuttgart-based company after a two-year cooling off period. But in an interview with the Frankfurter Allgemeine Sonntagszeitung published on Sept. 27 he announced that he would renounce his position, breaking a decades old practice among German companies of promoting former executives to the supervisory board.

"This enables Daimler to reorient itself under new management, a step which from our point of view is necessary," Michael Muders, a fund manager at Germany's Union Investment, told Reuters.

Manfred Bischoff, Daimler's current chairman, must now find a new successor candidate before he retires on March 31, 2021.

Daimler shares rose by 3.1% to 45.65 euros by 0835 GMT on Sept. 28.

Context News

Investors welcomed former Daimler Chief Executive Dieter Zetsche's decision to forego his role as chairman of the German carmaker’s supervisory board, Reuters reported on Sept. 27.

"This enables Daimler to reorient itself under new management, a step which from our point of view is necessary," Michael Muders, a fund manager at Germany's Union Investment, told Reuters.

Manfred Bischoff, Daimler's current chairman, must now find a new successor candidate before he retires on March 31, 2021.

Daimler shares rose by 3.1% to 45.65 euros by 0835 GMT on Sept. 28.

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