DaimlerChrysler chief executive to step down
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Manufacturing News, Source : TheManufacturer.com
Published : 28 Jul 2005 19:45
Jürgen E. Schrempp, chairman of the board of German automaker DaimlerChrysler, will leave the company after 44 years of service at the end of 2005.
Schrempp led major group interests for the company in South Africa, the United States, and Germany, as well as spent 17 consecutive years in chairmanship positions at both Daimler-Benz Aerospace (DASA) from 1988 to 1995, and Daimler-Benz, which later became DaimlerChrysler, from 1995 to the present day.
Dieter Zetsche, head of the Chrysler group, will become chairman of the board of DaimlerChrysler, effective January 1, 2006, for a period of five years. As successor to Zetsche, Tom LaSorda, the present chief operating officer of Chrysler Group, will lead that division from January 1, 2006. He has also been appointed a full member of DaimlerChrysler’s Board of Management with immediate effect.
Eric Ridenour is promoted to the position of chief operating officer of the Chrysler Group that will be vacated by LaSorda, effective January 1, 2006. His appointment, which also carries membership of the Board of Management, is for a period of three years.
“The Supervisory Board and Prof. Schrempp are in full agreement that the end of the year 2005 is the optimal time for a change in the leadership of the company,” said Hilmar Kopper, chairman of the supervisory board of DaimlerChrysler. “The balance sheet is sound and cash-flow development is stable. The 2005 profit forecast for the DaimlerChrysler group remains unchanged, and significant earnings improvements are to be expected as of the year 2006.”
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