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German truck and luxury carmaker Daimler is working on plans to convert the company into a holding that owns legally independent operating entities to allow it to respond more effectively to industry changes, the Handelsblatt newspaper cites company sources as saying on Saturday.
Under the plan, which could be put to a shareholder vote at the 2019 annual meeting, Mercedes-Benz cars, trucks, financial services and Smart compact cars will each be run by a legally separate entity.
Handelsblatt cites a company spokesman as saying the company structure is subject to continuous review to be able to react to changes in markets, but he declined to comment further.
The rationale behind the overhaul is for each business to be better prepared to strike any cross-sector alliances as the global car industry invests in electric propulsion, autonomous driving as well as transport and logistics services, the paper says.
The holding structure has been decided in principle but additional tax charges might prove prohibitive.
The new set-up will likely take shape after CEO Dieter Zetsche retires in 2019. Finance chief Bodo Uebber is in the frame to head the holding while development chief Ola Kaellenius would likely be put in charge of the car division.Further company coverage.
Randhir Singh Kalsi was made head of sales & marketing after Mayank Pareek quit MSIL in 2014 and joined Tata Motors. Sirvastava, who had a strong experience in the sales & marketing in India was currently Executive Director, international marketing.
He takes over from Siddhartha Lal who will continue as the Managing Director of Eicher Motors Ltd.
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