Changes in the Supervisory Board and the Board of Management
As of the end of the Annual Shareholders’ Meeting held on April 9, 2014, the periods of office ended of Gerard Kleisterlee , Lloyd G. Trotter and Dr. h.c . Bernhard Walter as members of the Supervisory Board representing the shareholders. The Annual Shareholders’ Meeting elected Dr. Bernd Bohr, Joe Kaeser and Dr. Bernd Pischetsrieder to the Supervisory Board as their successors for a period of five years.
On January 28, 2014, the Supervisory Board of the Daimler AG complied with the wish of Andreas Renschler and prematurely terminated his period of office as a member of the Board of Management by mutual consent. As of that date, Mr. Renschler was relieved of his duties as Head of Manufacturing and Procurement Mercedes-Benz Cars & Mercedes-Benz Vans.
In its meeting on February 18, 2014, the Supervisory Board of Daimler AG extended the contract of service of Bodo Uebber , Board of Management Member for Finance & Controlling and the Daimler Financial Services division, until December 31, 2019.
Daimler decides to change its equity interest in Rolls-Royce Power System
Daimler AG is to transfer its 50 percent equity interest in Rolls-Royce Power Systems Holding GmbH (RRPSH) to its partner Rolls-Royce. We are making use of a put option on the stake in RRPSH that was agreed upon with Rolls-Royce in the year 2011. Subject to the approval of the antitrust and foreign-trade authorities, we expect the transaction to result in a cash inflow of €2.43 billion and a significant capital gain.
Daimler and BAIC expand Mercedes-Benz production capacities in China
At the end of March, Daimler AG and its Chinese partner Beijing Automotive Industry Corporation (BAIC Group) signed an agreement in the presence of German Chancellor Dr. Angela Merkel and Chinese State President Xi Jinping on the further expansion of the production capacities of the joint venture Beijing Benz Automotive Co., Ltd. (BBAC). With this agreement, Daimler is further expanding its activities in China and its strategic partnership with BAIC. A total of approximately €4 billion is currently being invested at BBAC, of which €1 billion will flow into the expansion of capacities for local car and engine production by 2015.