Word: eckrodt
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...whole, Japan Inc. remains one of the most insular corporate cultures on earth. Over the past 15 years, plenty of Western management practices, investors and executives have been tried, with mixed results. For every Ghosn, who is now a national hero for saving Nissan, there is a Rolf Eckrodt, the DaimlerChrysler executive who failed to turn around Mitsubishi Motors. For every Ripplewood Holdings, the U.S. investment firm that bought out and successfully relaunched the bankrupt Long-Term Credit Bank as Shinsei Bank, there is a Carrefour, the French retailer that is withdrawing from the country after just five years. Still...
...provide it with new financial support. In April, DaimlerChrysler Chairman Jurgen Schrempp asked banks linked to Mitsubishi to forgive some of its $9 billion in debt as a precondition for the German-U.S. auto giant's participation in any bailout. But he was turned down. Soon after, Rolf Eckrodt, the DaimlerChrysler-appointed president of Mitsubishi Motors, resigned. DaimlerChrysler, which has already invested $3.5 billion in Mitsubishi's auto and truck businesses, says it has no intention of selling its 37% stake in Mitsubishi Motors?but, warns Standard & Poor's credit analyst Chizuko Satsukawa, DaimlerChrysler's refusal to offer more...
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