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Daimler Trucks Chief refuses contract extension

Daimler Trucks Chief, Wolfgang Bernhard, has indicated that he does not want his contract extended.

Bernhard informed the Supervisory Board on Friday that he would not stay on if offered an extension, according to German magazine, Der Spiegel.

Daimler has since confirmed the development, releasing Bernhard from his duties with immediate effect. Daimler CEO, Dieter Zetsche, will head Bernhard's department until a successor will be appointed.

"We regret this resolution, but we have a number of outstanding managers to succeed. We thank Wolfgang Bernhard for his committed work and respect his personal decision," the company stated.

Last week, newswire Reuters had speculated that the extension of Zetsche’s contract last year is behind the decision, as it effectively ruled out 56-year old Bernhard as a potential successor.

“In February last year, Daimler also promoted Ola Kaellenius, a 46-year-old Swede, to become board member for research and development, a move that company insiders say made him a natural heir to Zetsche,” Reuters explained.

Bernhard's contract was due to expire in February 2018.

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