BASFBoss Martin Brudermüller (61) is to take over the chairmanship of the Mercedes-Benz Supervisory Board next year. The company announced this on Wednesday afternoon after the vote at the group’s annual general meeting. As things stand at present, Brudermüller’s tenure at BASF ends next year at the chemical company’s Annual General Meeting. In October 2022, his contract was extended by one year.
The current Mercedes superintendent Bernd Pischetsrieder (75) said at the carmaker’s annual general meeting on Wednesday that he wanted to stop next year. The new supervisory body will meet after the shareholders’ meeting to discuss a proposal for his successor. His mandate ends as scheduled at the end of the 2024 Annual General Meeting.
Brudermüller is already a member of the Mercedes Supervisory Board. The manager has been on the BASF board since 2018. Since 2006, he has served on the Board of Directors with various responsibilities, including Chief Technology Officer and Board Member responsible for Asia Pacific based in Hong Kong. A spokeswoman for the group said that Brudermüller would remain in office until the annual general meeting next year, but would then retire. The manager has already said that he is not available for another extension.
The 61-year-old is coming to the car manufacturer at a good time. Mercedes Benz earned more than expected in the first quarter thanks to expensive cars. The consolidated result grew by 12 percent to four billion euros – even more than the already announced operating result. For the sixth time in a row, the carmaker achieved double-digit margins. For the current year, CEO Ola Källenius (53) expects even higher returns.