Daimler extends CFO Uebber's contract through 2019
Uebber will help Daimler push to become the most profitable and best-selling premium carmaker globally.
FRANKFURT (Bloomberg) -- Daimler has extended Chief Financial Officer Bodo Uebber's contract by five years, keeping him in charge of the manufacturer's funding as it seeks to become the world's top luxury-car producer in sales and profitability.
Uebber, 54, will continue to oversee finance as well as mergers and acquisitions through 2019, Mercedes-Benz's parent company said in a statement Tuesday.
CEO Dieter Zetsche has vowed to restore Mercedes to the top spot in global premium-car sales after the division lost the title to the BMW brand in 2005 and ceded second place to Audi in 2011.
Mercedes' sales growth beat gains at competitors last year, and Daimler is forecasting that profit in 2014 will rise "significantly" as the company brings out new cars and trucks.
"We are delighted to continue the excellent cooperation with Bodo Uebber," who is an "outstanding CFO," Supervisory Board Chairman Manfred Bischoff said in the statement. "Daimler is soundly financed and has very good access to, and a very good reputation in, the capital market."
The supervisory board gave Zetsche a three-year contract extension in 2013, instead of the more usual five, amid concerns from investors and labor leaders that profit wasn't meeting targets.
The renewal came on condition that Wolfgang Bernhard take over as Daimler Trucks division chief in a job swap with Andreas Renschler, who was assigned to run production and purchasing at Mercedes. Renschler resigned in January, citing personal reasons.
Finance strategy under Uebber, who has been CFO since late 2004, has included winning a 9 billion-euro ($12.4 billion) credit line from 40 banks last year and buying stakes in partners such as Beijing Automotive Group Co.'s carmaking unit and electric-auto producer Tesla Motors Inc.
Uebber has been a member of Daimler's management board since December 2003. He started his career in 1985 at aerospace company Messerschmitt-Boelkow-Blohm, which was later bought by Daimler. He holds an engineering and economics degree from the former Karlsruhe University of Applied Sciences in southwestern Germany.Contact Automotive News