Daimler Truck Promotes Karin Rådström to CEO
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Daimler Truck announced that Karin Rådström will take over as CEO on Oct. 1, replacing company veteran Martin Daum.
Rådström joined Daimler Truck in February 2021 as head of Mercedes-Benz Trucks. During this tenure, the company said she had helped reshape the Mercedes-Benz truck segment’s profitability and advanced its sustainability efforts, including introducing a range of battery-electric trucks.
She previously oversaw sales and marketing and served on the executive board at Swedish truck manufacturer Scania, which is owned by Traton Group. The native of Sweden helmed Scania’s bus and coach division prior to that.
Daimler Truck Chairman of the Supervisory Board Joe Kaeser praised Rådström’s industry knowledge and leadership skills.
Kaeser
“She has proven that she is able to successfully advance the transformation of a brand while navigating a challenging external environment,” he said. “As a true leader, [Rådström] has been instrumental in establishing a new performance culture and fostering empowerment, diversity and customer focus.”
Rådström will remain responsible for Mercedes-Benz Trucks until a successor is appointed.
Daum has led the global truck manufacturer since 2017, moving into the post after helming Daimler Trucks North America, the parent company of Class 8 U.S. truck brands Freightliner and Western Star. Daum’s tenure as the original equipment manufacturer’s top executive included shepherding its spin-off from the Daimler Group. He joined Daimler in 1987.
Daimler, the world’s largest truck manufacturer, has experienced some bumps in the road this year. The company sold 112,195 trucks and buses globally in the second quarter, a 14.9% decrease compared with the prior-year period’s 131,888, it said July 8. Its Asian subsidiary saw a 29.3% slump in sales to 28,342 in Q2 from 40,097 vehicles in the year-ago period, while the Europe-focused Mercedes-Benz unit also found Q2 to be challenging, with sales of 30,604 vehicles, down 22% compared with 39,236 a year earlier.
Personnel Update: The Supervisory Board of Daimler Truck Holding AG has appointed Karin Rådström as the new Chief Executive Officer of the company effective October 1, 2024. She will succeed Martin Daum.
Press release: https://t.co/TPcZ7PqrDl#DaimlerTruck pic.twitter.com/uTzi361buy — Daimler Truck (@DaimlerTruck) September 4, 2024
In the first half of 2024, Daimler Truck sold 221,106 trucks and buses, down 13.9% compared with 257,060 units in the front half of 2023.
Eight days later on July 16, the company said it would take a $130.8 million write-down on the value of its Beijing Foton Daimler Automotive Chinese joint venture due to a persistently weak market in Asia’s largest economy.
And on releasing its Q2 earnings, Daimler Truck lowered its revenue outlook for 2024.
The company posted a net profit of $860 million, or $1.01 per share, in the three months ending June 30, compared with $1.09 billion, or $1.21, in the year-ago period. Revenue fell 4% to $14.5 billion from $15.15 billion.
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