Daimler Truck Holding AG Appoints New CEO

(Reuters) – Germany’s Daimler Truck Holding AG announced on Wednesday the appointment of Karin Radstrom as its new CEO, effective October 1.

Radstrom, who joined the board in 2021, will succeed current CEO Martin Daum, as confirmed in the company statement.

She will continue to oversee Mercedes-Benz (OTC:MBGAF) Trucks until her successor is appointed.

Martin Daum has been with Daimler-Benz AG since 1987, holding various positions, including CEO of Daimler Trucks North America.

On Sunday, the truck manufacturer revealed plans to cut hours and implement a job freeze for employees in its truck-making division in Germany due to weak demand in Europe and Asia.

Last week, Daimler Truck adjusted its guidance, now expecting 2024 earnings before interest and taxes to be “significantly below” that of 2023.