FRANKFURT (Reuters) – Investors welcomed former Daimler <DAIGn.DE> chief executive Dieter Zetsche’s decision to forego his role as chairman of the German carmaker, announced at the weekend and starting a race to find an independent head of the company’s supervisory board.
Zetsche, 67, a former head of the Mercedes-Benz brand, was due to take a seat as chairman of the board of directors at the Stuttgart-based company after a two-year cooling off period.
In a surprise move, he announced in an interview in Sunday newspaper the Frankfurter Allgemeine Sonntagszeitung that he would renounce his position, breaking a decades-old practice among German companies of promoting board members to directors.
Now Manfred Bischoff, Daimler’s current chairman needs to find a new successor candidate before he retires on March 31, 2021.
“This enables Daimler to reorient itself under new management, a step which from our point of view is necessary,” Michael Muders, a