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ots Ad hoc-Service: DaimlerChrysler AG
Supervisory Board approves new management for Chrysler Group
Ad hoc-announcement edited and sent by DGAP. The sender is solely responsible for the contents of this announcement. -----------------------------------------------------
Stuttgart/Auburn Hills (ots Ad hoc-Service) - Supervisory Board
approves new management for Chrysler Group
Dieter Zetsche new President/CEO of Chrysler Group Introduction
of Chief Operating Officer (COO) at Chrysler Group: Wolfgang Bernhard
to be named COO and Deputy Member of the DaimlerChrysler Board of
Management Eckhard Cordes new Head of Global Commercial Vehicles
- During an extraordinary meeting in
Stuttgart, the Supervisory Board of DaimlerChrysler AG, today
approved Management Board Chairman Juergen E. Schrempp's
reorganization plan for the Board of Management.
As a result, Dr. Dieter Zetsche and Dr. Wolfgang Bernhard are appointed President/CEO and COO respectively of the Chrysler Group, and will assume these responsibilities, effective immediately.
Due to a significant shift in market conditions in the U.S., the new management team of the Chrysler Group will fundamentally reposition and restructure the business. This program, details of which will be announced in the first quarter of 2001, will focus on measures to improve cost positioning, product line-up and market performance.
Since the announcement of the third quarter results in late October, tough market conditions in the United States have intensified further, characterised by ongoing competitive incentive spending, high dealer inventories and a resultant reduction in production levels. As a consequence results at the Chrysler Group will fall below the last forecast and thus also affect the earnings of DaimlerChrysler AG.
The Supervisory Board and the shareholder committee strongly reaffirmed at the meeting today its support for the global strategy of DaimlerChrysler and assured the Management Board of its full backing concerning all necessary measures to achieve that objective.
Dieter Zetsche to head Chrysler Group
Dr. Dieter Zetsche (46), member of the Board of Management responsible for the Global Commercial Vehicles business will assume the leadership of the Chrysler Group as President and CEO of the Chrysler Group immediately and continue to serve as a member of the Board of Management.
Wolfgang Bernhard to become new COO of the Chrysler Group and deputy member of the Board of Management
Dr. Wolfgang Bernhard (40) will take over the newly created position of Chief Operating Officer (COO) of the Chrysler Group. Bernhard, who has been appointed deputy member of the Board of Management of DaimlerChrysler AG, was responsible for the very successful launch and introduction of the new S-class and recently became Managing Director of Mercedes-AMG.
As COO he will be responsible for all internal operations and the implementation of initiatives necessary to strengthen and restore the position of the Chrysler Group.
After a thorough examination and in-depth analysis of the current situation, the leadership team of Zetsche and Bernhard, in conjunction with Chrysler's management and the full support of DaimlerChrysler AG will initiate and speed up the necessary measures for the "turn-around". The new appointments will also accelerate the transfer of knowledge and technology within the DaimlerChrysler Group.
Jim Holden will step down with immediate effect. We thank Jim Holden for his many years of contribution for the company.
Eckhard Cordes to become new head of Global Commercial Vehicles Business
As the Board of Management member formerly responsible for Corporate Development & IT Management, Eckhard Cordes, 49, will immediately take over the responsibilities for the Commercial Vehicle Division from Dieter Zetsche.
End of Message
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