JULY 28, 2005
Auf wiedersehen Herr Schrempp
DaimlerChrysler's chief executive Jurgen Schrempp will leave his job at the end of the year. Schrempp will hand over to Chrysler boss Dieter Zetsche. The news sent DaimlerChrysler's stock up by more than 8%, adding about $4.5bn to the value of the company. The 60-year-old has a contract which runs for several more years.
Zetsche is 52 and has done a good job with Chrysler but will now hand over that job to Thomas LaSorda, who has been the company's chief operating officer in recent years.
Schrempp has run the company since he became chairman of Daimler-Benz back in May 1995. He followed the company's policy of an involvement in F1, begun by Helmut Werner, the chairman of the subsidiary Mercedes-Benz. Schrempp has been a big supporter of F1 over the years but his departure is not thought likely to change that commitment as the company has fared very well from the sport.
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