Daimler Truck appoints board member Radstrom as new CEO

Germany's Daimler Truck Holding AG said on Wednesday it had appointed Karin Radstrom as its new CEO, effective Oct. 1.

Radstrom, who joined the board in 2021, will take over from current CEO Martin Daum, the company said in a statement.

She will also remain responsible for Mercedes-Benz Trucks until her succession is decided, the company said.

Daum joined Daimler-Benz AG in 1987 and has served in various roles in the company, including CEO of Daimler Trucks North America.

The truck maker on Sunday said it will cut hours and impose a job freeze for employees in its truck-making business in Germany as it grapples with subdued demand in Europe and Asia.

Last week, the truck maker cut its guidance, now expecting 2024 earnings before interest and taxes "significantly below" that of 2023.