Archive for Friday, July 29, 2005

Chrysler boss to be DaimlerChrysler CEO

July 29, 2005


DaimlerChrysler AG announced Thursday that Dieter Zetsche would take over for chief executive Juergen Schrempp at the end of this year.

Chrysler No. 2 Thomas LaSorda will replace Zetsche as president and CEO of the Auburn Hills-based Chrysler Group.

Analysts say that Zetsche, who already engineered a turnaround at Chrysler, would retain the same laser-like focus on creating new products and reducing costs - an approach needed to deal with challenges such as weak earnings at Mercedes-Benz and limited growth in Asia.

DaimlerChrysler shares soared $4.29, or 9.8 percent, to close Thursday at $48.26 on the New York Stock Exchange.


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