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Daimler’s Car, Truck Executives Trade Jobs
Daimler AG has appointed Wolfgang Bernhard to become chief of the Daimler Trucks unit on April 1.
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Daimler AG has appointed Wolfgang Bernhard to become chief of the Daimler Trucks unit on April 1. Bernhard has overseen the company's van unit and manufacturing and purchasing for Mercedes-Benz Cars since 2010.
Andreas Renschler, head of the truck unit since 2004, will assume Bernhard's former duties on the same date.
Analysts say the job switch of Bernhard and Renschler makes it increasingly likely that the two executives are the leading contenders to replace CEO Dieter Zetsche when he retires.
The Daimler supervisory board also renewed Zetsche's employment contract to the end of 2016. The action gives the CEO, who also heads the Mercedes-Benz Cars unit, three additional years to boost the luxury brand's sales, operating margin and presence in China.
Investors unhappy with the company's performance had urged Daimler's board to give Zetsche a contract shorter than the company's traditional five-year expansion.
The company says the agreement's three-year extension is mandated by new corporate governance guidelines that require shorter contracts for executive near or past age 60. Zetsche turns 60 in May.
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