Daimler operating rate did not want to extend zetsche’s contract
This confirms a report by the news magazine “spiegel” to this effect. According to the report, it was only after protracted negotiations with the head of the supervisory board, manfred bischoff, that the employee representatives agreed to the compromise reached on thursday to extend zetsch’s contract by three years. In fact, daimler board members are now reappointed for five years.
According to “spiegel,” the head of the works council erich klemm and thomas klebe bischoff, a member of the union for metal, engineering and electronics, had declared at the beginning of the year that the employee representatives on the daimler supervisory board would vote unanimously against a new contract for zetsche. According to the report, their criticism focused on the management style of zetsche, who did not discuss an upcoming savings program with the employee representatives. He can’t deal with dissent, anyone who disagrees is told off. A spokeswoman for the general works council declined to comment on the figures on sunday.
According to “spiegel,” bischoff threatened the employee representatives that he would use his double voting rights if necessary. This means that the chairman of the control committee can have the casting vote if there is a stalemate between the representatives of the employees and the capital side in a vote. Bischoff was nevertheless interested in a compromise with the operating rates in order to avoid a long management debate.
Zetsche’s reappointment is now linked to a rochade on the board of management. Head of production wolfgang bernhard, whose contract was extended to 2018 just under a year ago, will move to the executive board of daimler trucks in april. In return, the former truck boss andreas renschler will become head of production and purchasing for mercedes-benz passenger cars and mercedes-benz vans.
Daimler is currently experiencing difficult times. The automaker can’t get a handle on shrinking profits in its car division. The problems there are slowing down the entire group. Zetsche expects operating profit to stagnate in 2013 after a decline in 2012. At mercedes benz cars, earnings before interest and taxes (ebit) in the current year will actually be “slightly below” the previous year, zetsche announced at the presentation of the financial statements at the beginning of february. He had also already imposed a billion-euro savings program on daimler.
The exit of the major single shareholder abu dhabi, which had parted with its direct shareholding in the stuttgart carmaker last october, had also caused a stir. There were then reports that the chinese sovereign wealth fund CIC could now become a major individual shareholder in daimler.
However, chief financial officer bodo uebber told the “handelsblatt” newspaper (monday) that he did not expect CIC to acquire a ten percent stake in daimler. According to the newspaper, the sovereign wealth fund has so far held a stake of around 1 percent in daimler.
In addition, uebber said that the group was basically very satisfied with its shareholder structure. “It is often speculated that we are looking for another anchor shareholder besides kuwait, but this is not correct.”The emirate of kuwait currently holds the largest block of shares in daimler with 7.6 percent. A further 3.1 percent of the shares are held by renault-nissan to underpin the strategic partnership with daimler. All other share packages are below the three percent threshold.
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