Word: schrempp
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Dates: during 2000-2009
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...troubled merger is a story of miscalculation--by Schrempp, who realized too late that he had bought a company that had already peaked, and by Chrysler's executives, who failed to adjust to the sea changes of an increasingly competitive American auto market. It also points to the troubles that accompany big transnational mergers--and Schrempp has a number of them going at the moment...
Cigar in hand, Jurgen Schrempp last spring was maintaining what had become a ritual on his regular visits to New York City--holding court at the St. Regis Hotel's King Cole Bar with a cluster of DaimlerChrysler's top executives. When an old business acquaintance wandered over to wish him well, Schrempp responded expansively with introductions to "my management board." The acquaintance shook all hands and then said with a chuckle, "But Jurgen, where are the Americans...
Then they were out of sight. Now they are out of jobs. Although the deal that brought Daimler Benz and Chrysler together two years ago was presented as a grand "merger of equals," Schrempp never had any intention of letting Americans run Daimler. This month the DaimlerChrysler chairman decided they couldn't run Chrysler either. Schrempp fired Chrysler president James Holden and brought in a Mercedes veteran, Dieter Zetsche, after it was announced that the U.S. automaker had lost $512 million in the third quarter, its first loss since 1991--and, by all accounts, the first of several to come...
...past half-century, Chrysler is no stranger to market adversity. But this time around, the merger really threw the team off its game. As the entire auto industry braces for a slowdown (General Motors and Ford are warning of sales declines beginning this month and into next year), Schrempp and his new Chrysler team are struggling to come up with a rescue plan...