CHRYSLER FEELS CRUNCH; MANAGEMENT BOARD TRIMMED; PRESIDENT TO GO.Byline: Justin Hyde Associated Press Associated Press: see news agency. Associated Press (AP) Cooperative news agency, the oldest and largest in the U.S. and long the largest in the world. DaimlerChrysler's North American North American named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. chief retired as part of a management shakeup shake·up n. A thorough, often drastic reorganization, as of the personnel in a business or government. Noun 1. shakeup Friday, putting the company's German executives in even more dominant roles. The shuffle raised new questions about the ultimate success of the merger of Chrysler Corp. and Daimler-Benz AG. DaimlerChrysler's profits have been disappointing and its stock is at a 52-week low. Industry analysts, while saying the moves weren't surprising, wondered if Chrysler's freewheeling free·wheel·ing adj. 1. a. Free of restraints or rules in organization, methods, or procedure. b. Heedless of consequences; carefree. 2. Relating to or equipped with a free wheel. corporate culture will be stifled by a more rigid Daimler management system. ``There's this view within this company that there's Chrysler guys and there's Daimler guys,'' said Rod Lache, an analyst with Deutsche Bank Deutsche Bank AG (IPA: /'dɔɪ.tʃə/[1]) (ISIN: DE0005140008, NYSE: DB) (English: German Bank Securities in New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of . ``Although the functions have been integrated, the cultures haven't.'' Under the moves announced Friday, Thomas Stallkamp, the president of the Chrysler division and a 19-year Chrysler veteran, will retire Dec. 31. He will give up his seat on DaimlerChrysler's management board, and be replaced as head of Chrysler by James Holden James Holden may be:
Co-chairmen Juergen Schrempp and Robert Eaton also announced that the management board would be trimmed from 17 to 14. In addition to Stallkamp, another Chrysler executive and two former Daimler-Benz AG executives will lose their seats. One former Daimler executive will join the board. All the moves are effective Oct. 1. The new board will focus its automotive tasks in three areas - Chrysler cars and trucks, Mercedes-Benz vehicles and commercial trucks. Schrempp and Eaton have said the board needed to be pruned once the first part of the merger was complete. Eaton said Friday the move would allow the company to move faster and was not a shift in power toward one side of the Atlantic. ``This isn't a German or American thing,'' he said. ``This is one company striving to be the No. 1 automotive transportation company in the world.'' CAPTION(S): 2 Photos Photo: (1--Color) Thomas Stallcamp, left, president of DaimlerChrysler AG's Chrysler division, will retire in December. Carlos Osrio/Associated Press (2--Color) JAMES HOLDEN next head of Chrysler |
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