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Daimler bosses invest in Daimler: buy shares on a grand scale

Daimler bosses invest in Daimler
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Three Daimler board members have floated blocks of shares in the group worth millions and got a very good deal with it. They wanted to invest the profit - around one million euros - in new shares right away. Group leader Dieter Zetsche was not allowed to do the way he wanted - due to the law.

W as the Stuttgart Dax group reported in mandatory reports on Tuesday Zetsche, Truck boss Andreas Renschler and Head of Research Thomas Weber redeemed their rights to Daimler securities with a total value of around 14 million euros at the end of July. On the same day - July 26th - the powerful trio of the board of directors cashed the shares on the stock exchange - at higher prices, which improved their overall package by around one million euros. At Zetsche alone, the gain was around 600,000 euros.

Managers believe in sustainable development

That's what the three of them wanted Managers put the sum directly back into the company's new papers - and bought shares again. At Zetsche, however, there were nowhere near as many as he would theoretically have received even after taxes had been deducted. A spokesman stated that this was related to 'legal restrictions'.

The company emphasized in a statement in the evening that the three board members together had invested almost 1.2 million euros in the group. 'The share purchases underscore the board members' confidence in the sustainable and positive development of Daimler. It is also a sign to all other Daimler shareholders,' said Head of Communications Jörg Howe.

For the business of board members with shares in the own company, requirements such as time windows or maximum limits apply. At this point in time, the CEO was not allowed to buy back more shares, the spokesman said. For Weber and Renschler, however, there were no restrictions.

The price of the Daimler share had recently risen sharply. At the end of June it was still around 34 euros, but it is currently well above the 40 euros mark.

In 2011 - the record year for the car manufacturer - Zetsche earned almost 9 million euros in compensation. This makes him one of the best-paid managers in Germany. But VW boss Martin Winterkorn was right at the top of the Dax companies. His salary for 2011 was 17.5 million euros.

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