The contract extensions apply until 31 December 2016 and have been made to maintain ‘the important continuity at the top executive level’.

Dr. Manfred Bischoff, chairman of the Supervisory Board of Daimler AG, said: ‘Dieter Zetsche and the Board of Management have a clear plan how to further enhance Daimler’s overall performance together with their team. Dieter Zetsche is distinguished of course by his great experience, but also by his ability to combine a feeling for cars with sound engineering knowledge and an entrepreneurial approach.’

He added: ‘Research and development are two key areas in the automobile industry. I am therefore delighted that we will continue the successful collaboration with Thomas Weber. He will steadily continue to maintain Daimler’s claim to technological leadership.’

In addition, Andreas Renschler is to become responsible for Production and Purchasing Mercedes-Benz Passenger Cars and Vans while Dr Wolfgang Bernhard will assume his role of head of Daimler Trucks, effective 1 April 2013.