After meeting opposition, Zetsche won't be Daimler SB chairman

By Dave Leggett | 28 September 2020

Investors were divided over making Zetsche Daimlers Supervisory Board chairman

Investors were divided over making Zetsche Daimler's Supervisory Board chairman

Former Daimler CEO Dieter Zetsche has told a German newspaper that he won't be taking up  the role of chairman of Daimler's Supervisory Board (SB), a position he had been earmarked for. The move appears to follow opposition to his elevation to the role from some Daimler investors.

Zetsche told the Frankfurter Allgemeine Sonntagszeitung newspaper that although he would have liked to do the job and thought he could do it well, he had decided he did not want it. "I renounce this opportunity," Zetsche said.

Zetche was due to take a seat as chairman of the board of directors at the company after a two-year cooling-off period since his departure. Reports say that while Daimler's top investors would have backed him to succeed current SB chairman Manfred Bischoff, there may have been opposition from other shareholders who want a break with the past. Daimler recently confirmed costs of $1.5bn (EUR1.27bn) to settle with US authorities over false emissions readings for diesel vehicles.

"The fact that after 40 years of work I am not regarded by some as an asset, but as a burden, I do not need that," Zetsche is quoted as telling the newspaper.

Zetsche was due to succeed Bischoff at Daimler's annual general meeting on March 31, 2021.