Daimler to Extend CEO Zetsche’s Contract

Daimler AG's supervisory board is set to vote at its Feb. 6 meeting to extend CEO Dieter Zetsche's contract by five years to the end of 2018, according to Der Spiegel magazine.

Zetsche, who also heads the core Mercedes-Benz Cars unit, has been criticized for that operation's declining operating results and relatively weak performance in China. The brand's sales grew 5% to a record 1.42 million vehicles worldwide last year but fell further behind global luxury sales leader BMW.