• The career of Ola Källenius
• Bad quarterly figures for Daimler
• Share fell sharply
Management change at Daimler
On Wednesday, May 22, 2019, the long-standing Daimler boss Dieter Zetsche resigned his position after 13 years. The office was taken over by Ola Källenius, who was born in Sweden on June 11, 1969.
The new CEO hopes to be able to steer the company back on the green track after the emissions scandal not only caused financial damage, but also damaged the reputation of Daimler AG. Another challenge recently came with the corona pandemic.
Källenius has long been considered the successor to the management of the company, but how did the 50-year-old come to this position and how has the group developed since his takeover.
Studied Finance and Accounting
In 1988, the then 19-year-old graduated from the Grammar School in Danderyd, after which he was conscripted into military service by the Swedish army until 1989. The same year after completing his service, he began studying Finance and Accounting at the Stockholm School of Economis. He completed his studies with a master’s degree from St. Gallen University in 1993.
Ola Källenius career at Daimler
With this degree, the 24-year-old Källenius made it into the international young talent program of Daimler AG. Here he initially worked in the company’s controlling department until he was promoted to manager of corporate controlling at Mercedes-Benz US International Inc. in 1995. Three years later he was appointed senior manager in this area.
In 2000, just two years later, Källenius took on the role of Senior Manager in Materials Purchasing at DaimlerChrysler AG. Over the next nine years, the Swede held various positions as director and executive within the traditional German company, until he became Vice President, President and CEO of Mercedes-Benz US in 2009. But even in this role he did not stay longer than a year.
Promotion to the Daimler Board of Management
In 2010, the manager became Vice President and CEO of Mercedes-AMG GmbH. Until he made it onto the Board of Management of Daimler AG in 2015. Källenius held various positions here until he was ultimately elected Chairman of the Board of Management of Daimler AG, Mercedes-Benz AG and Chairman of the Supervisory Board of Daimler Truck AG in 2019.
This makes the Swede the first Daimler boss who does not have a degree in engineering. But the more than 26 years he has been part of the company should have prepared him well for the position.
Little or nothing is known about the private life of the manager, he has three teenage sons with his wife Sabine and lives in Stuttgart. More details are not known to the public.
The Daimler share price
Since Källenius took over the management board of the group, the Daimler share moved more or less horizontally until the end of 2019, after falling to below 50 euros in May 2019. In January 2020, a downward slide began that lasted until mid-March, but was triggered in particular by the corona-induced sell-off on the stock markets. Within a few months, the price fell to 21.02 euros by March 19, 2020.
Since then, however, the share certificate, which has since been renamed the Mercedes Benz Group, has been able to initiate a recovery course and even briefly jumped over the 75 euro mark again in spring 2023, even if the level could not be defended permanently.
Henry Ely / Editor finanzen.net
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Image sources: Daimler AG