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11/8, 1:00 PM (Source: TeleTrader)
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Daimler-0.90%

50.68
Chart for: DAIMLER AG NA O.N.

Daimler to cut 1,100 managing posts - report

Ola Kaellenius, Daimler AG's chairman of the Board of Management, is planning to eliminate 1,100 global management positions, including one-tenth of the positions in Germany, according to a Sueddeutsche Zeitung report published on Friday.

The report claims that the move is a part of the chairman's austerity plan, while all pay increases would be canceled for 2019 and 2020. Kaellenius is expected to provide further details about the strategy during the automaker's Capital Markets Day event in London starting on November 14.

The German daily also obtained a circular e-mail Michael Brecht, the chairman of the General Works Council of the company, sent to employees, in which he stressed that the Works Council will categorically oppose the measure.

Daimler's shares dropped 0.22% to go for €53.67 at 1:00 pm CET.

Breaking the News / MS