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HomeAll newsMost read newsBusiness Leaders Biography
Age : 65
Country of residence : Unknown
Linked companies : Daimler AG - TUI AG
Biography : Dieter Zetsche is a German businessperson who has been the head of 8 different companies. Presently,

Daimler Continues Shuffle -- WSJ

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10/09/2018 | 08:48am CET

By William Boston

BERLIN -- Daimler AG's long-serving finance chief said Monday he wouldn't seek an extension of his contract that expires at the end of next year, adding to the management shuffle at the German car maker.

The decision by Chief Financial Officer Bodo Uebber comes after Daimler's board appointed Ola Källenius, the research and development chief, to succeed Chief Executive Dieter Zetsche.

Daimler declined to comment beyond stating that Mr. Uebber had informed the board chairman of his intention.

Mr. Uebber said in a statement issued by Daimler it was the "right time for the company to put his job into younger hands," but said the decision to leave "did not come easy."

The auto maker is reorganizing itself into three separate business units -- trucks, passenger cars and mobility services, such as car-sharing and ride-hailing. The three units will be independent companies under the umbrella of Daimler.

Mr. Uebber championed a plan to turn Daimler into a holding company with a streamlined board responsible for strategy but without operational authority over the units. Mr. Zetsche, who also runs Mercedes-Benz cars, pushed to keep operational responsibility for the company's car business in the hands of Daimler's CEO. Also, Mr. Källenius was Mr. Zetsche's preferred candidate to succeed him.

Arndt Ellinghorst, automotive analyst at Evercore ISI, wrote in a note last month that the appointment of Mr. Källenius was a "victory for Dieter Zetsche who managed to establish the continuation of one CEO for Daimler Group and Mercedes Cars."

On Monday, Mr. Ellinghorst said: "It's fair to say that Uebber was supporting a stronger holding model with a separation of Daimler Group and operating business management functions."

Mr. Uebber, well-liked by analysts and investors, joined Daimler's management board in 2003. In 2014, the supervisory board extended his contract to the end of 2019.

Daimler didn't announce a successor to Mr. Uebber as chief finance officer.

Daimler's shares closed at EUR54.60 ($62.65) on Monday, down 1.8% in Frankfurt trading, slightly underperforming the DAX index of German blue-chip stocks.

Write to William Boston at william.boston@wsj.com

Stocks mentioned in the article
ChangeLast1st jan.
DAX -0.03% 10866.56 Delayed Quote.-15.88%
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