Word: eckhard
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Zetsche isn't waiting until January, when he officially takes control of DaimlerChrysler, which last year had total sales of $192 billion. He has parked himself in the top job at Mercedes, replacing Eckhard Cordes, a Schrempp confidant who had been in the post only a year. Zetsche says he plans to stay on as head of Mercedes even when he takes over the whole works. He is quick to caution against comparisons between Mercedes in 2005 and Chrysler in '02, but it didn't take long for Zetsche to strike. Mercedes just announced 8,500 job cuts in Germany...
...weakening job-protection laws and reforming union wage-bargaining practices. Trouble is, the spd owes much of its unpopularity to an attempt to introduce just such measures. Germans seem to want reform, but are determined to punish reformers. "As voters, we may believe we can handle uncomfortable truths," says Eckhard Jesse, professor of political science at Chemnitz Technical University in eastern Germany, "but when it actually comes to listening and accepting them, we shy away. Although it was extremely courageous for Merkel to come out and say that she'll raise vat, it may not have been a good idea...
...appointed Eckhard Cordes, his point man on the 1998 merger with Chrysler, as CEO of Mercedes with clear orders to clean things up fast. And there was good news on other fronts. Schrempp said he expects the Smart division to break even in 2007 and that, despite the huge restructuring charge, Daimler's 2005 operating earnings will still top the j5.8 billion it earned in 2004. Some Daimler divisions have proven it's possible to turn the corner, as have other carmakers. Overall, conditions are tough, though. The industry is plagued by overcapacity and price wars. PriceWaterhouse- Coopers estimates that...
...ECKHARD CORDES Profit Driver Sliding into the driver's seat at Mercedes in October is Cordes, 53, a 28-year veteran of parent DaimlerChrysler. The luxury-car maker has been plagued by slipping sales and quality ratings; Cordes' job is to get it back on track. He most recently ran the parent company's truck division, where he managed a remarkable turnaround by cutting costs and emphasizing profitability. Following a 2002 loss, the unit turned a $1 billion operating profit last year. With that sort of record, Cordes just might find himself as Daimler's next chairman...
...throwing down a red flag and saying, if this is true, then stop it." FRED ECKHARD, spokesman for Annan, after reports that British intelligence had bugged the Secretary-General's office...