An exterior rearview mirror assembly for a vehicle includes a mirror head adjustably mounted at a mounting arm and adjustable between a retracted position and an extended position. The mirror reflective element is oriented to provide a driver of the vehicle a field of view rearward and sideward of the vehicle with the mounting arm attached at the side of the vehicle when the mirror head is in the retracted position and when the mirror head is in the extended position. The mirror head is connected to the mounting arm via pivotable first and second links that cooperatively pivot relative to the mounting arm and the mirror head to move the mirror head between the retracted and extended positions. An actuator is disposed at an end of the first link and operates to pivot the first link to move the mirror head between the retracted position and the extended position.