Analysts say the departure of DaimlerChrysler chief executive J=FCrgen Schrempp marks the merciful end of a failed expansion strategy. The stock market greeted the announcement.
J=FCrgen Schrempp's exit does not exactly come as a surprise. The DaimlerChrysler CEO has faced intense criticism from analysts and shareholders for his ambitious strategy of international development.
"The supervisory board and J=FCrgen Schrempp agree that the end of 2005 would be the perfect time for a change in leadership," the DaimlerChrysler supervisory board said Thursday in a tersely-worded statement leaving out the usual words of thanks for the outgoing boss.
Hours later in another surprise development, the Web site Germany's Manager-Magazin reported that Mercedes boss Eckhard Cordes had asked the DaimlerChrysler supervisory board to dissolve his contract. The board had requested time to mull the issue, the magazine wrote, quoting "informed sources."
Cordes apparently cited the lack of complete support from the supervisory board for his difficult job of restructuring Mercedes as one reason for his wish to step down.
Schrempp "ruined a good brand"
Under Schrempp's leadership, Daimler acquired Chrysler only to see the company enter a serious downward spiral.
=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D I had high hopes for Chrysler when I heard Daimler was buying it.
And look what happened: Horrible model after horrible model. I figured that horrible PT Cruiser was already greenlighted before the buyout, so I let that one go. But then I saw the 300.. and the Crossfire... and one awful design after another.... embarrassing.
Chrysler went the exact OPPOSITE of what Mercedes-Benz has achieved and innovated. They build pointless pieces of garbage- not that it was any better before Daimler stepped in, mind you.