AutoBeta(AutoBeta.net)05/24 Report--

Dieter Zetsche, chairman of Daimler and global president of Mercedes-Benz, the world's largest luxury car group, announced his formal resignation in Germany, after which he will sit on the supervisory board and become chairman of the supervisory board in 2021. In addition, Zetsche will receive the highest pension ever paid to an employee at the chief executive level in Germany, with a daily pension of 4250 euros (32731.8 yuan) from 2020.

The pension consists of an annual pension of 1.05 million euros and the principal of Daimler's current pension plan. Before that, the pension record holder was Martin Winterkorn, president of Volkswagen Group, at 3100 euros a day.

When Zetsche took office in 2006, the company was at a low ebb, the merger of Daimler and Chrysler failed to prove its value, and BMW overtook Mercedes-Benz to become the number one luxury car in the world in 2005. By 2018, Mercedes-Benz sold 2.31 million vehicles worldwide, ahead of BMW and Audi. It is understood that Kang Linsong, 49, director of research and development of Daimler Group and a member of the board of directors, will replace Zetsche as the new CEO for a term of five years.

Zetsche was born in Istanbul, Turkey on May 5, 1953, and returned to Germany with his family at the age of 3. He has been with the high-end car brand for 43 years since he joined Daimler-Benz in 1976.

When Zetsche left office, Daimler recently announced a major spin-off plan to reorganize its five major divisions into three independent new companies, namely, Mercedes-Benz (Mercedes-Benz AG), Daimler trucks (Daimler Truck AG) and Daimler Mobile Travel (Daimler Mobility AG). To the outside world, the new corporate structure will make Daimler more flexible in the face of the challenges of the auto industry. If approved, Daimler's restructuring plan will be formally implemented on January 1, 2020.

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