STUTTGART (Reuters) -Daimler Truck expects a further slowdown in commercial vehicle demand and its new CEO must take measures to adapt, the German company’s Chairman Joe Kaeser said on Thursday.
“Our profitability is not yet at the level of the competition, that must change in the medium to long term,” Kaeser told a news conference after Karin Radstrom was announced late on Wednesday as the company’s next CEO.
He did not say what actions Radstrom may have to take.
The truck and bus maker has appointed Radstrom, head of truck brand Mercedes-Benz (OTC:), as CEO effective October 1, just over a month after lowering sales expectations and cutting working hours at its German factories as due to weak demand in Europe and Germany. Asia.
Her predecessor, Martin Daum, will retire as planned, but will remain on the board until the end of this year.
Daimler Truck is facing weak demand after shortages of chips and other parts in the wake of the pandemic pushed up production costs. The industry also faces challenges in reducing pollution from commercial vehicles.
Radstrom, the first woman to take the helm of the world’s largest heavy-duty truck maker, comes from Södertälje, Sweden, home to Europe’s most profitable truck maker, Volkswagen (ETR:)’s Scania, where she worked for about two decades. starting as a marketing manager. intern. She joined Daimler in 2021.
“I think in Ms. Radstrom we have someone who is extremely customer-oriented, who is well versed… and knows the industry well through her experience outside the company,” Kaeser said.
