New Chairman of the Supervisory Board At Mercedes-Benz, Dividend increased and share buyback policy announced
London, 09 May 2024, (Oilandgaspress): – At the Mercedes-Benz Group AG (ticker symbol: MBG) 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.
Dr. Doris Höpke, former member of the Board of Management of Munich Re, was newly elected to the Supervisory Board.
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.
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