Daimler optimizes decision-making processes and streamlines organizational structure

STUTTGART, Germany, Feb. 20, 2020 /PRNewswire/ -- 

• The Board of Directors and the Supervisory Board of Daimler AG and Mercedes-Benz AG optimize Mercedes-Benz Cars' development, operation and finance area by realigning the Company's organizational structure. This reorganization will take effect on April 1, 2020.
• The position of Product Strategy and Steering will be created for Mercedes-Benz Cars. Wolf-Dieter Kurz, who reports directly to the CEO of Mercedes-Benz AG, will take over that leadership role. Ola Källenius also assumes overall responsibility for Mercedes-Benz Vans.
• Markus Schäfer, currently Member of the Board of Management of Daimler AG and Mercedes-Benz AG, responsible for Group Research and Mercedes-Benz Cars Development, Procurement and Supplier Quality, in the new role as Chief Operating Officer at the Daimler AG level, will also control the entire value creation process of Mercedes-Benz Cars -- from development to material purchasing to production.
• Harald Wilhelm, Member of the Board of Management of Daimler AG responsible for Finance & Controlling and Daimler Mobility, also takes over the position of Chief Financial Officer at Mercedes-Benz AG. Frank Lindenberg, Member of the Board of Management of Mercedes-Benz AG, responsible for Finance & Controlling, is leaving the Group after successfully completing his work and strengthening his areas of responsibility.

As part of its sustainable business strategy, Daimler AG is strongly moving forward with its product, electrification and digitalization offensive. In order to be able to react even faster and more precisely to changing customer needs and complex market requirements in the future, the Company is further developing its organizational structure. The goal is to improve the development and production processes of vehicles, technologies and services through closer and more efficient cooperation.

"Acting today to be fit for tomorrow's global competition - that was our premise for the further development of the company's organizational structure. To emerge successfully from the transformation, we welcome the streamlining of the organizational and management structure proposed by the Board of Management. All activities focus on future proofing and improving our financial strength, as that is the basis of a sustainable business strategy. The Supervisory Board is convinced this new structure means that the company will be even better positioned to face the challenges of the future in a highly volatile environment," said Manfred Bischoff, Chairman of the Supervisory Board of Daimler AG.

As part of the Ambition2039 sustainability offensive, Mercedes-Benz AG plans to make its entire new car product portfolio CO2-neutral - a goal for which the company is pooling all its strengths and resources. Shorter reporting lines in the new structure will help in this effort.

"At Daimler we are working hard to achieve our major strategic goals: The gradual switch to CO2-neutral mobility and the full use of digitalization for products and processes. The transformation of the auto industry is a great opportunity to further develop our successful business model. That is why we are setting up processes and management structures for the future," said Ola Källenius, Chairman of the Board of Management of Daimler AG and Mercedes-Benz AG.

Key points on the new structure include the following:

Mercedes-Benz Cars Product Strategy and Steering consolidated into one position

Product Strategy and Steering will be consolidated and promoted to be more customer centric. Wolf-Dieter Kurz will take on this new position. He is responsible for the business cases of product projects and will report directly to the CEO of Mercedes-Benz AG.

Overall control of the Mercedes-Benz Vans division

In addition, on the Board of Management of Daimler AG, Ola Källenius will also be responsible for the Mercedes-Benz Vans division. He has been performing this role on the Board of Management of Mercedes-Benz AG since May 2019. Consolidation of responsibilities in both boards ensures consistent control and faster implementation of decisions.

"In line with Wilfried Porth's own request, he will now concentrate entirely on the comprehensive personnel restructuring measures and the transformation challenges in the Human Resources area. We thank him for his excellent work in the Vans business," said Bischoff.

Chief Operating Officer: Holistic control of development, procurement and production for all Mercedes-Benz passenger car model series

In order to effectively control all areas that are operationally involved in the innovation, development and value creation process, the company is introducing the new function of Chief Operating Officer (COO). It will be taken on by Markus Schäfer, currently Member of the Board of Management of Daimler AG and Mercedes-Benz AG, responsible for Group Research and Mercedes-Benz Cars Development, Procurement and Supplier Quality. Schäfer will holistically control all business processes over the entire life cycle of a product and, in addition to his current duties on the Board of Daimler AG, will be responsible for production of Mercedes-Benz cars. These areas will thereby be consolidated within the Board of Management of Daimler AG and managed from a single source.

"We look forward to many new exciting vehicle projects in which we will work closely, constructively and with clearly defined responsibilities," said Källenius.

Daimler streamlines its finance and controlling department

By merging the financial areas of Daimler AG and Mercedes-Benz AG under the direction of Harald Wilhelm, Board Member of Daimler AG responsible for Finance & Controlling and Daimler Mobility, redundancies will be reduced, the efficiency of the organization increased and Daimler as a whole made more flexible.

The CFO of Mercedes-Benz AG, Frank Lindenberg, has decided to leave Daimler and seek new challenges. He will leave the company on March 31, 2020 by amicable mutual consent.

Manfred Bischoff: "I thank Frank Lindenberg for his many years of successful work in the Group. He has supported Harald Wilhelm very effectively since he joined Daimler with his extensive experience as a Mercedes CFO and former Truck CFO in a demanding position."

Ola Källenius: "Frank Lindenberg did an excellent job as CFO and architect of the Mercedes-Benz finance organization. As the chief strategist of our comprehensive "MOVE" transformation program, he has not only brought about significant increases in efficiency, but has also been instrumental in driving the revision of our Mercedes business strategy. I have also highly valued Frank as a person in our work together and wish him continued success in the future."

Frank Lindenberg, CFO of Mercedes-Benz AG: "After more than 25 years, I leave the Daimler Group with gratitude for what I have achieved and with the conviction that the best course has been set for the future. After eight years as a Mercedes CFO, I would now like to open a new chapter in my professional career and, at the same time, stay connected to the Company and its extraordinary people."

Harald Wilhelm will take on the additional function of Chief Financial Officer at Mercedes-Benz AG on April 1, 2020.

Further information from Daimler is available at:
www.media.daimler.com and www.daimler.com

The figures in this document are preliminary and have neither been approved yet by the Supervisory Board nor audited by the external auditor.

This document contains forward-looking statements that reflect our current views about future events. The words "anticipate," "assume," "believe," "estimate," "expect," "intend," "may," "can," "could," "plan," "project," "should" and similar expressions are used to identify forward-looking statements. These statements are subject to many risks and uncertainties, including an adverse development of global economic conditions, in particular a decline of demand in our most important markets; a deterioration of our refinancing possibilities on the credit and financial markets; events of force majeure including natural disasters, pandemics, acts of terrorism, political unrest, armed conflicts, industrial accidents and their effects on our sales, purchasing, production or financial services activities; changes in currency exchange rates and tariff regulations; a shift in consumer preferences towards smaller, lower-margin vehicles; a possible lack of acceptance of our products or services which limits our ability to achieve prices and adequately utilize our production capacities; price increases for fuel or raw materials; disruption of production due to shortages of materials, labor strikes or supplier insolvencies; a decline in resale prices of used vehicles; the effective implementation of cost-reduction and efficiency-optimization measures; the business outlook for companies in which we hold a significant equity interest; the successful implementation of strategic cooperations and joint ventures; changes in laws, regulations and government policies, particularly those relating to vehicle emissions, fuel economy and safety; the resolution of pending government investigations or of investigations requested by governments and the conclusion of pending or threatened future legal proceedings; and other risks and uncertainties, some of which we describe under the heading "Risk and Opportunity Report" in the current Annual Report. If any of these risks and uncertainties materializes or if the assumptions underlying any of our forward-looking statements prove to be incorrect, the actual results may be materially different from those we express or imply by such statements. We do not intend or assume any obligation to update these forward-looking statements since they are based solely on the circumstances at the date of publication.

Daimler at a glance

Daimler AG is one of the world's most successful automotive companies. With its Mercedes-Benz Cars & Vans, Daimler Trucks & Buses and Daimler Mobility divisions, the Group is one of the leading global suppliers of premium cars and one of the world's largest manufacturer of commercial vehicles. Daimler Mobility offers financing, leasing, fleet management, investments, credit card and insurance brokerage as well as innovative mobility services. The company founders, Gottlieb Daimler and Carl Benz, made history by inventing the automobile in 1886. As a pioneer of automotive engineering, Daimler sees shaping the future of mobility in a safe and sustainable way as both a motivation and obligation. The company's focus therefore remains on innovative and green technologies as well as on safe and superior vehicles that both captivate and inspire. Daimler continues to invest systematically in the development of efficient powertrains – from high-tech combustion engines and hybrid vehicles to all-electric powertrains with battery or fuel cell – with the goal of making locally emission-free driving possible in the long term. The company's efforts are also focused on the intelligent connectivity of its vehicles, autonomous driving and new mobility concepts. Daimler regards it as its aspiration and obligation to live up to its responsibility to society and the environment. Daimler sells its vehicles and services in nearly every country of the world and has production facilities in Europe, North and South America, Asia and Africa. In addition to Mercedes-Benz, the world's most valuable premium automotive brand (source: Interbrand study, 17 Oct. 2019), and Mercedes-AMG, Mercedes-Maybach and Mercedes me, its brand portfolio includes smart, EQ, Freightliner, Western Star, BharatBenz, FUSO, Setra and Thomas Built Buses as well as the brands of Daimler Mobility: Mercedes-Benz Bank, Mercedes-Benz Financial Services and Daimler Truck Financial. The company is listed on the Frankfurt and Stuttgart stock exchanges (ticker symbol DAI). In 2019, the Group had a workforce of around 298,700 and sold 3.3 million vehicles. Group revenues amounted to €172.7 billion and Group EBIT to €4.3 billion.

SOURCE Daimler North America - Corporate Communications

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