Check this out. http://cnnfn.cnn.com/2000/11/14/worldbiz/chrysler/
DaimlerChrysler CEO may
quit
German-American carmaker may name
German trucks chief as successor
November 14, 2000: 11:55 a.m. ET
NEW YORK (CNNfn) - James Holden, president and chief
executive of
DaimlerChrysler and one of the few North Americans left
in the company's
leadership, is set to step down this week to be
replaced by the head of German
parent DaimlerChrysler's truck and bus division,
according to a source familiar
with the situation.
Dieter Zetsche, a member of
DaimlerChrysler's
management board and head of its
commercial
vehicles unit, is set to step in
at the U.S.
operation, the Detroit News
reported Tuesday,
following a disappointing quarter
at the Chrysler
unit. An industry source
confirmed the report
was correct and told CNNfn.com
DaimlerChrysler's supervisory
board is expected
to hold an extraordinary meeting
Friday.
A DaimlerChrysler spokesman
declined to
comment. The shake-up would mark
the removal
of one of the last vestiges of
North American
control at DaimlerChrysler. The
company that
emerged from the $38 billion
buyout of the No. 3
U.S. carmaker by Germany's
Daimler-Benz AG
in 1998 was supposed to be
controlled from both
Stuttgart, Germany, and Chrysler's suburban Detroit
headquarters. But
Canadian Holden's departure apparently will leave only
two North American
executives, both executive vice presidents, on the
11-member executive board.
Thomas Stallkamp, a 19-year Chrysler veteran who was
widely credited with
helping turn the company around before the merger,
announced his departure
as president of DaimlerChrysler in September 1999.
Robert Eaton, who was
co-chairman of the company and who helped negotiate the
merger, retired in
March.
Thomas Gale, executive vice president in charge of
product development and
design who was credited with innovative design advances
at Chrysler,
announced his departure in September, the same day
DaimlerChrysler warned
of poor results at the Chrysler unit.
Chrysler, the U.S. arm of the transatlantic automaker,
recently reported a loss
of 579 million ($498 million) in the third quarter, and
pressure had been
mounting on Holden to stem the red ink.
While industry-wide auto sales have been
slowing, this generally has been a boom time of
record sales in North America for automakers,
and Chrysler's results have badly trailed the
American and Japanese-based automakers
selling in the market.
DaimlerChrysler blamed rising incentives in the
North American market for the Chrysler unit's
woes, although the company said it expects the
division to be in the black in the fourth quarter.
Holden, 49, was educated in the United States
and went to work in the auto industry with a job
at Ford Motor Co. in 1973. He joined Chrysler in
1981 as fleet development manager in truck
operations. His positions included executive vice
president, sales and marketing and general
manager for minivan operations, before he was
named president last October.
Turkish-born Zetsche joined Daimler-Benz in 1976 and
became chief engineer
of its commercial vehicle division in 1981.
DaimlerChrysler is the world's largest
maker of heavy trucks. During his tenure with the
company he also has been in
charge of the sales division for the Mercedes-Benz and
micro "smart" makes,
as well as sales of all makes in Europe, Africa, Asia
and Australia/Pacific.
Shares of DaimlerChrysler gained 1.4 euros to 55.10
euros in afternoon trading
in Frankfurt, while American depositary receipts of
DaimlerChrysler (DCX:
Research, Estimates) gained 27 cents to $46.66 in U.S.
trading.
Richard in San Antonio
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