The Daimler Group launched its new corporate structure as planned on November 1, 2019. The separation of the car and van and the truck and bus businesses to two new subsidiaries took effect at the end of October with their respective entries in the commercial register.
Three legally independent stock corporations now operate under the parent company Daimler AG: Mercedes-Benz AG is responsible for Mercedes-Benz Cars & Vans. All Daimler Trucks & Buses activities are conducted at Daimler Truck AG. Daimler Financial Services, which has been legally independent for many years, was renamed Daimler Mobility AG in July. In addition to its longstanding business with vehicle financing and fleet management, Daimler Mobility is also responsible for mobility services. With these three subsidiaries, Daimler is strengthening its customer focus and increasing the Group’s agility. Daimler AG continues to be the only listed company. As the parent company with approximately 6,000 employees, it will be responsible for governance, strategy and control functions, and will provide Group-wide services.
Mercedes-Benz AG and Daimler Truck AG are German stock corporations subject to codetermination and are based in Stuttgart. As required by law, the supervisory boards of the two companies will each comprise 20 members, ten representing the shareholders and ten representing the employees.
Mercedes-Benz AG controls the global business of Mercedes-Benz Cars & Mercedes-Benz Vans with approximately 175,000 employees worldwide. Mercedes-Benz AG focuses on the development, production and sale of cars and vans and on the provision of related services. Mercedes-Benz AG is one of the largest manufacturers of premium automobiles.
Ola Källenius, Chairman of the Board of Management of Daimler AG and Mercedes-Benz AG: “Two years ago, we launched Project Future to initiate a forward-looking structural transformation at Daimler, with three independent entities under one roof. Our new structure makes us more focused and competitive to ensure a successful transformation to the mobility of the future with our sustainable business strategy. It is crucial that we focus on our customers and inspire them with exciting and innovative products and technologies.”
Daimler Truck AG is responsible for the global truck and bus business. Approximately 100,000 employees worldwide develop, produce and market products and services from Daimler Trucks & Buses. With its subsidiaries, Daimler Truck AG is one the world’s largest manufacturer of commercial vehicles.
Martin Daum, Chairman of the Board of Management of Daimler Truck AG: “Our customers are at the focus of everything we do: We work for all who keep the world moving. We can only be successful if we make our customers successful – and we do this with products that combine two things: local market requirements and our globally leading technologies.”
Daimler Mobility AG is responsible for the Daimler Mobility division with 13,000 employees worldwide and is active for the entire Daimler Group as a provider of financing, leasing, insurance and fleet-management services. Daimler Mobility already finances and leases every second vehicle from Daimler AG worldwide and plans to further increase this proportion.
Franz Reiner, Chairman of the Board of Management of Daimler Mobility AG: “We offer our customers unique and flexible mobility services. As an independent entity, we have been contributing to the success of the Daimler Group for many years in close cooperation with the vehicle divisions. This entrepreneurial freedom is extremely important for the transformation we are driving together.”
About Project Future
Daimler has spent two years preparing intensively for the new structure and has allocated its entire worldwide business to the various divisions. In October 2017, the first preparatory measures were initiated to bundle the Group’s car and van business as well as its truck and bus business into two legally independent entities. Following the most comprehensive due diligence in the company’s history, the Board of Management and the Supervisory Board of Daimler AG approved the new Group structure in July 2018. The separation into independent companies required for the new structure was approved by the shareholders at the Annual Shareholders’ Meeting in May 2019 with an overwhelming majority of 99.75%. With very few exceptions, approximately 130,000 employees were transferred to the two new companies Mercedes-Benz AG and Daimler Truck AG within the framework of a legally regulated transfer of operations. These employees have guaranteed job security until the end of 2029 (“Safeguarding the Future 2030”).
