Mercedes-Benz Group AG Announces Orderly transition in times of transformation
London, 13 May 2024, (Oilandgaspress): –– At the Mercedes-Benz Group AG Annual General Meeting for the financial year 2023, the company outlined its strategic progress as a maker of desirable cars and vans. Shareholders approved all of the items on the agenda of the Annual General Meeting.
Dr. Bernd Pischetsrieder stepped down after a decades-long career in the auto industry. He was for many years a member of the Board of Management of BMW AG and then Chairman of its Board of Management from 1993 to 2000. After moving to Volkswagen AG, he was also Chairman of the Board of Management there from 2002 to 2006. He has been a member of the Supervisory Board of Mercedes-Benz Group AG since 2014, advising the management board on key strategic steps which included the spin-off of Daimler Truck AG and the rebranding of Daimler AG into Mercedes-Benz Group AG.
Following his re-election to the Supervisory Board a year before the end of his term, Dr. Martin Brudermüller was elected to succeed Bernd Pischetsrieder as the Chairman of the Supervisory Board.
“Careers like Dr. Bernd Pischetsrieders are rare. He worked at the top of all the large German automotive companies and the Board of Management benefited from his wealth of experience and strategic vision. For me personally it was a privilege to have him at my side as an advisor. Thank you for everything you have done for Mercedes-Benz. Dr. Bernd Pischetsrieder is leaving his successor, Dr. Martin Brudermüller, a company that is very well positioned for the future. This is good news for the entire Mercedes-Benz team, for our customers and our investors.”
Ola Källenius, Chief Executive Officer of Mercedes-Benz Group AG
Since 2019, Mercedes-Benz has delivered structurally improved profitability, thanks to a sharpened focus on desirable cars and vans, combined with stringent cost management, resulting in Mercedes-Benz Group more than doubling shareholder returns, outperforming the DAX and STOXX 600.
“I am taking over as Chairman of the Supervisory Board at a time of fundamental change in the auto industry. I am an optimist by nature and I believe in the possibilities and abilities that lie within this company and its employees. What I bring to the table are enthusiasm and a willingness to listen; this is particularly important to me in regard to our workforce, as is steadfastness, even when things get difficult.“
Dr. Martin Brudermüller, Chairman of the Supervisory Board of Mercedes-Benz Group AG
Dr. Doris Höpke, former member of the Board of Management of Munich Re, was newly elected to the Supervisory Board.
In 2023 Mercedes-Benz further expanded its leading position as the most valuable luxury automotive brand, according to Interbrand’s “Best Global Brands ranking” from November 2023 as the company prepares to next-generation products and platforms like VAN.EA, MMA and MB.OS (Mercedes-Benz Operating System), to keep Mercedes-Benz at the forefront of the industry. This year Mercedes-Benz aims to get certification for its SAE Level 3 conditionally automated driving system at speeds of up to 95 kilometers an hour.
To keep shareholder returns attractive, the Board of Management and the Supervisory Board proposed a dividend of €5.30 per share for 2023 (2022: €5.20), which was approved by shareholders. Furthermore, a new share buyback policy, is being implemented. The Board of Management and the Supervisory Board initiated a share buyback programme in February 2023 already. As part of this programme, Mercedes-Benz Group AG intends to acquire own shares worth up to €4 billion (not including incidental costs) on the stock exchange and to then cancel them. Repurchases for this programme are well on track. A further €3 billion share buyback programme, announced in February 2024, is now scheduled to begin in May 2024 and then run in parallel with the buyback program announced in February 2023. Both buyback programs are expected to be completed in the first quarter of 2025. Approximately €2.3 billion worth of shares have already been repurchased. By the third quarter 2024, buybacks are expected to have reached €4 billion and to then reach a total volume of up to €7 billion in Q1 2025 before the Annual General Meeting that year.
“The efforts of the management and Supervisory Board are paying off: The company is well positioned. The product portfolio is strong and is becoming increasingly electric and digital. At the same time, the transformation of the company is being driven forward and the strategy is being implemented by a great team.”
Dr. Bernd Pischetsrieder, outgoing Chairman of the Supervisory board of Mercedes-Benz Group AG
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