Mercedes to extend CEO Kaellenius’ contract – source

Mercedes-Benz wants to extend Chief Executive Ola Kaellenius’ contract, a source with knowledge of the matter told Reuters on Thursday, confirming a report in the Handelsblatt business daily.

The person said no surprises were expected on the question of another term for Kaellenius, which would keep the 54-year-old at the helm of the German carmaker until at least mid-2029.

Kaellenius’ contract is currently set to expire in May 2024. Handelsblatt reported that a supervisory board decision was expected on the matter this summer.

The company had no immediate comment.