An exterior rearview mirror assembly for a vehicle includes a mirror head pivotally mounted at a mounting base configured for attachment at a side of a vehicle, and a camera module disposed at the mirror head and operable to capture image data. The camera module is adjustably disposed at the mirror head and pivots about a generally vertical pivot axis as the camera module is extended and retracted relative to the mirror casing. When extended, the camera module is disposed laterally sideward away from the mirror casing and is pivoted so as to have a rearward field of view, and when retracted, the camera module is disposed at the mirror casing and is pivoted so as to have an outboard field of view that is directed outward away from the side of the vehicle and from the rearward field of view of the camera module when extended.