Daimler's Supervisory Board has unanimously voted to extend the contract of CEO Dr. Dieter Zetsche.

Daimler's Supervisory Board has unanimously voted to extend the contract of Dr. Dieter Zetsche who is the Chairman of the Board of Management as well as the Head of Mercedes-Benz Cars.

Zetsche's contract was set to expire at the end of the year, but the extension means he will continue to serve as the company's CEO until December 31, 2016.

The Supervisory Board also voted to extended Prof. Dr. Thomas Weber's contract as Mercedes' head of development.

According to Dr. Manfred Bischoff, the Chairman of Daimler's Supervisory Board, "With today’s extensions of the contracts of Dieter Zetsche and Thomas Weber, we are maintaining the important continuity at the top executive level." He added, “Dieter Zetsche is distinguished of course by his great experience, but also by his ability to combine a feeling for cars with sound engineering knowledge and an entrepreneurial approach."

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Dieter Zetsche to remain Daimler CEO