Mercedes-Benz has prematurely extended the contract of Group CEO Ola Källenius by five years.

The Supervisory Board has appointed the 54-year-old as CEO until May 2029, the Stuttgart-based car manufacturer announced on Thursday. "Ola Källenius has positioned Mercedes-Benz very well for the future," explained Bernd Pischetsrieder, Chairman of the Supervisory Board. The Group is "more focused, more resilient and more efficient." The current contract would have expired in May next year.

The Supervisory Board also extended the contract of Chief Technology Officer Markus Schäfer until May 2026.

(Report by Sabine Wollrab. Edited by Christian Götz. If you have any queries, please contact our editorial team at (for politics and the economy) or (for companies and markets).)