Sales figures worldwide are lagging behind record years, with net profits at the Stuttgart-based group tumbling 29 percent to 7. Earnings were sapped by massive investments in developing new models and new technologies like electric and autonomous vehicles. Last year, Daimler had to recall hundreds of thousands of vehicles because of alleged illegal emissions manipulation, and faces ongoing legal proceedings.
Having announced Zetsche's departure last September, there has been a carefully co-ordinated change of the guard over the last eight months as he gradually handed over responsibilities behind the scenes.
If Zetsche's era stood for diesel engines, Kallenius needs to manage the switch to electric-powered vehicles. But harder decisions are on the horizon, with details needed on a cost-cutting programme that could see thousands of jobs slashed, as at fellow German giants Volkswagen and BMW.
Meanwhile shareholders will be asked to vote on Daimler's reorganisation into a holding company with more autonomy for its three divisions: cars and vans, trucks and buses, and financial and digital services.
Zetsche "has laid a lot of groundwork," industry expert Dudenhoeffer said, meaning that in many areas, "now they just have to accelerate". Frack has more than 20 years of experience in finance and leadership development and diversity and inclusion.
Howard leads a team focused on streamlining sales processes with tailor-made financing and leasing solutions to improve customer experience and increase customer loyalty. As Senior Vice President, Aftermarket, Drew Backeberg leads all DTNA aftermarket functions, with responsibility for customer experience, dealer service, distribution network development, parts sales and marketing, parts distribution, Alliance Parts, and Detroit Reman. Daimler AG is one of the largest auto manufacturers in the world, with several well-known brands of cars, trucks, and buses.
It's also a financial company, through its ownership of the Mercedes-Benz bank. According to Daimler's website, this role is equivalent to that of a Chief Executive Officer. Chinese investor Li Shufu owns a 9. The Kuwait Sovereign Savings Fund has 6. The Daimler Emissions Scandal was an illegal attempt to falsify emission tests for Mercedes-Benz vehicles between and Under the Clean Air Act, car exhaust must meet strict limitations on emissions of nitrogen oxides and other harmful chemicals.
Daimler was found to have encoded test-cheating software into some of their diesel vehicles so that they would produce less nitrogen oxide gasses during emissions testing. This trick allowed Daimler to sell , vehicles that otherwise could not have passed inspection. Daimler used to have a stake in Tesla. Daimler AG. Accessed June 23, Company Profiles. Lifestyle Advice. Your Privacy Rights. To change or withdraw your consent choices for Investopedia. At any time, you can update your settings through the "EU Privacy" link at the bottom of any page.
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