Word: schrempp
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DaimlerChrysler has also paid the price for its mismanaged global ambition. Two successive chief executives, Edzard Reuter in the 1980s and Jürgen Schrempp in the '90s, aggressively pursued visions of international growth and diversification and financed them by tapping into the cash hoard Mercedes had built up over decades. In the process, the company, which once prided itself on its provincial roots in Baden-Württemberg, acquired a worldwide scale and presence in both cars and trucks--and bought some absolute dogs. That included a near bankrupt household appliance company (AEG), a teetering airplanemaker (Fokker) and a 37% stake...
...quickly wielded that favorite American management tool: the hatchet. He axed 26,000 jobs and browbeat suppliers to lower costs, but he also introduced what he called "disciplined pizazz"--a program to bring a focus on efficiency to the company's business operations without sacrificing its character. The imperious Schrempp, by contrast, continued to lurch from crisis to crisis until the Daimler board showed him the exit, three years before his contract expired. DaimlerChrysler stock soared about 10% on the news. The change of leadership "dramatically alters investor perceptions," said Merrill's London-based auto analyst Stephen Reitman, who upgraded...
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...
...ailing economy a whopping 3350 billion a year, the government - no matter who's running it after the election in September - had better keep this development going. - By Ursula Sautter Next Year's Model The average working life of a car, statistics say, is 16 years. Jürgen Schrempp, head of DaimlerChrysler since 1995, didn't last quite that long. Schrempp is the architect of the controversial 1998 tie-up of Daimler-Benz and Chrysler, the biggest between two firms in industrial history. The merger, he expected, would combine the strengths of the powerful, complementary automotive firms and create...
...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...