This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

Daimler Supervisory Board Appoints Hubertus Troska As Board Of Management Member For China And Extends Contract Of Andreas Renschler

Stocks in this article: DAI

STUTTGART, Germany, Dec. 12, 2012 /PRNewswire/ -- In its meeting today, the Daimler Supervisory Board appointed Hubertus Troska (52) as the member of the Board of Management for the newly created position of " China" effective December 13, 2012 until December 31, 2015. Troska will thus be CEO and Chairman of Daimler Northeast Asia and responsible for all of Daimler's strategic and operating activities in China. In the same meeting, the Supervisory Board also extended the contract of Andreas Renschler (54), Member of the Daimler Board of Management with responsibility for Daimler Trucks, until September 30, 2018. The appointment of Hubertus Troska expands the Daimler Board of Management to eight members.

(Logo: http://photos.prnewswire.com/prnh/20080409/NYW017LOGO )

" China has developed into the world's biggest market for motor vehicles. With the decision to establish a Board of Management position specifically for this market, we are underscoring the strategic importance of China for Daimler. We continue to see great potential there for sustained growth and the continuous expansion of our business activities. Hubertus Troska has gained a wide range of experience over many years at Daimler, in the areas of both commercial vehicles and cars. He will help us to achieve the goals we have set in China," stated Dr. Manfred Bischoff, Chairman of the Daimler Supervisory Board.

"At the same time, we are pleased that Andreas Renschler, a highly experienced executive, will continue to be the head of Daimler Trucks. He will steadily implement the division's strategy in collaboration with the Supervisory Board so that the goals that have been set are achieved," continued Dr. Manfred Bischoff.

Ulrich Walker (61), Chairman and CEO of Daimler Northeast Asia, will retire after serving the Daimler Group for almost 30 years, six of which were spent in China. In a transitional phase, he will support Hubertus Troska with his extensive knowledge and experience of China.

"On behalf of the entire Board of Management, I wholeheartedly thank Ulrich Walker for his commitment and his contribution to the success of Daimler's business in China during the past six years. We have achieved a lot under his leadership: Meanwhile, no western automotive manufacturer is as broadly positioned as Daimler in the world's biggest vehicle market – from cars to vans to trucks and financial services. With the new ' China' Board of Management position, we will ensure that all aspects of this dynamic market are dealt with directly in the Board of Management team, and we have found the right man for this task," stated Dr. Dieter Zetsche, Chairman of the Board of Management of Daimler AG and Head of Mercedes-Benz Cars.  

Hubertus Troska

Hubertus Troska was born on March 25, 1960 in Bilbao, Spain. After studying business administration and English and Spanish literature in Germany and Wales, he first spent four years at an international construction company. In 1988, he came to the then Daimler-Benz AG. He started his career in the sales department of the corporate headquarters in Stuttgart and later assumed various managing positions in Mexico and the United States for the Trucks division. In 1997, he was appointed as a member of the management of Mercedes-Benz Turk AS in Turkey, and was made head of product marketing in the sales department of the then Mercedes Car Group in the year 2000. From 2003 until March 2005, he was the chief executive of Mercedes-AMG GmbH in Affalterbach. Since April 2005, he has been in charge of the Mercedes-Benz Trucks ( Europe/ Latin America) business unit of Daimler Trucks.

Andreas Renschler

Andreas Renschler's Board of Management contract was due to expire on September 30, 2013. Pursuant to Section 84 Subsection 1 of the German Stock Corporation Act (AktG), the Supervisory Board decides on a reappointment at the beginning of the last year of a period of office.

Andreas Renschler has been a member of Daimler's Board of Management and Head of Daimler Trucks since October 1, 2004. He was born on March 29, 1958 in Stuttgart. After school, he began studying industrial engineering and management at the Esslingen Polytechnic in 1979, graduating in 1983. From 1984 until 1987, he studied at Eberhard-Karls University in Tubingen, gaining a degree in business administration. In 1988, Renschler joined the Organization and IT department of the then Daimler-Benz AG.

Overview: Daimler in China

Daimler Northeast Asia is based in Beijing and includes Mercedes-Benz ( China) Ltd, Mercedes-Benz Auto Finance Ltd, Daimler Northeast Asia Parts Trading & Services Co., Ltd., the joint ventures Beijing Benz Automotive Co., Ltd. (BBAC), Beijing Foton Daimler Automotive Co., Ltd. (BFDA), Fujian Benz Automotive Corporation (FBAC) and Shenzhen BYD Daimler New Technology Co. Ltd., as well as sales companies in Hong Kong, South Korea and Taiwan.

Local production of Mercedes-Benz cars began with the predecessor series of the E-Class in the BBAC 50/50 joint venture in 2006; the second C-Class series followed in 2008. BBAC has been producing the current E-Class in a long-wheelbase version tailored specifically for the demands of the Chinese market since May 2010; the first locally produced GLK rolled off the production line in Beijing in December 2011.

On the sales side, Mercedes-Benz Cars is represented in China with its complete product portfolio; almost 200,000 vehicles were sold in the year 2011. The sales network comprised approximately 200 dealers in 2011 and about 50 more will be added this year. The brand is increasingly present also outside the Tier 1 cities.

China is already the fifth-largest sales market for Mercedes-Benz trucks. With a market share of more than 50% in the premium segment, Mercedes-Benz Trucks lead the market above all in the heavy-duty segment. In addition, Daimler is developing the volume segment of the world's biggest market for commercial vehicles in a joint venture with Foton-Motor, a Chinese truck manufacturer. Since mid-2012, the jointly produced medium and heavy trucks of the Auman brand have also been rolling off the production line in Beijing-Huairou.

In addition, Daimler has been producing Mercedes-Benz vans for the Chinese market since April 2010 in the Fujian Benz Automotive Corporation joint venture.

Daimler Financial Services has been providing automotive financing in China through Mercedes-Benz Auto Finance China since 2009. And together with BYD, Daimler has initiated the joint venture Shenzhen BYD Daimler New Technology Co. Ltd to develop an electric vehicle for the Chinese market. This joint venture was officially approved in March 2011.

Please note the link below: http://media.daimler.com/ms/121212/e

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

This document contains forward-looking statements that reflect our current views about future events. The words "anticipate," "assume," "believe," "estimate," "expect," "intend," "may," "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 worsening of the public debt crisis in the eurozone; a deterioration of our funding possibilities on the credit and financial markets; events of force majeure including natural disasters, acts of terrorism, political unrest, industrial accidents and their effects on our sales, purchasing, production or financial services activities; changes in currency exchange rates; a shift in consumer preference towards smaller, lower margin vehicles; or a possible lack of acceptance of our products or services which limits our ability to achieve prices as well as to adequately utilize our production capacities; price increases in 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 of companies in which we hold a significant equity interest, most notably EADS; 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 governmental investigations and the conclusion of pending or threatened future legal proceedings; and other risks and uncertainties, some of which we describe under the heading "Risk Report" in Daimler's most recent Annual Report. If any of these risks and uncertainties materialize, or if the assumptions underlying any of our forward-looking statements prove incorrect, then our 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. Any forward-looking statement speaks only as of the date on which it is made.

1 of 2

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,390.52 +195.10 1.13%
S&P 500 2,018.05 -2.75 -0.14%
NASDAQ 4,630.7410 +64.6030 1.41%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs