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Daimler AG implemented new group structure at the Annual Meeting in Berlin

The shareholders of Daimler AG voted to reorganize the Daimler Group by a large majority at the Annual Meeting in Berlin on Wednesday. This clears the way for the Group to place its car and van business as well as its truck and bus business into two legally independent entities by way of a spin-off. This project, called PROJECT FUTURE, will take effect when the hive-down is entered in the commercial register at Stuttgart District Court.

The start of the new company structure is targeted for November 1, 2019. From that date onwards, Mercedes-Benz AG will be responsible for the current Mercedes-Benz Cars and Mercedes-Benz Vans divisions, while Daimler Trucks and Daimler Buses will be joined in Daimler Truck AG. Daimler Financial Services AG, which is already legally independent, will be called Daimler Mobility AG from July 24, 2019 on. The two new companies, like the current Daimler AG and the future Daimler Mobility AG, will be co-determined German stock corporations with registered offices in Stuttgart.

Daimler AG as a publicly listed parent company, will perform the functions of governance, strategy and control, and will provide group-wide services. With three strong entities under a common umbrella, the Daimler Group will be more flexible and focused. With the new structure, Daimler wants to give its divisions more entrepreneurial freedom, increase market and customer orientation, and make cooperation easier and faster. By focusing the new companies on their customers, markets and core competencies, new growth and earnings potential can be utilized. In addition, the strengthening of the divisional structure serves the objective of retaining existing investors over the long-term and attracting new investors and partners.

Changes in the Board of Management

After more than 13 years as Chairman of the Board of Management of Daimler AG and Head of Mercedes-Benz Cars, Dr. Dieter Zetsche stepped down from his position at the end of the Annual Shareholders’ Meeting. With effect at the end of a two-year cooling off period, the Supervisory Board intends to propose to the shareholders at the 2021 Annual Meeting that Zetsche be elected to the Supervisory Board.

Dr. Dieter Zetsche, Vorsitzender des Vorstands Daimler AG / Leiter Mercedes-Benz Cars Dr. Dieter Zetsche, Chairman of the Board of Management Daimler AG / Head of Mercedes-Benz Cars

Zetsche began his career at Daimler in 1976 in the junior manager group and successfully held a number of management positions. With a doctorate in electrical engineering, he held management positions in the commercial vehicles business unit in Brazil, Argentina and the United States before being appointed in 1995 to the board of management of Mercedes-Benz AG as head of sales and then to the board of management of the commercial vehicles business unit. In 2000, he assumed responsibility for Chrysler as CEO and President until 2005, when he became Head of the Mercedes-Benz Car Group. In 2006, he was appointed as CEO of Daimler AG.

Ola Källenius took over from Zetsche at the end of the Annual Shareholders’ Meeting as Chairman of the Board of Management of Daimler AG and Head of Mercedes-Benz Cars. “With Ola Källenius, we have appointed a recognized, internationally experienced and successful executive from within the Group, who can also inspire people for a cause, as Chairman of the Board of Management and Head of Mercedes-Benz Cars. At the same time, we are relying on the proven dual responsibility with the Chairman of the Board of Management also heading Daimler’s largest division,” said Bischoff.

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