Word: schrempp
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...workers at Rover's Longbridge factory in Birmingham fear for their jobs, despite British Prime Minister Tony Blair and Chancellor of the Exchequer Gordon Brown racing to the plant, promising a massive aid package to mitigate the damage. Just two days before, DaimlerChrysler chief executive Jürgen Schrempp faced a Berlin conference hall teeming with disgruntled shareholders. They attacked him for the company's biggest ever recall, announced on March 31, which will pull 1.3 million Mercedes-Benz cars worldwide back into the garage because of problems with voltage regulators, faulty software and defective braking systems in some models...
...years ago. "The managers in the higher floors should give up 10% of their own pay," said Kurt Beck, head of the state of Rheinland-Pfalz. "That would be a signal to employees." DaimlerChrysler did just that; the company's management board - headed by chief executive Jürgen Schrempp, who earned €7.5 million last year - agreed to give back 10% of its salary as part of the settlement. Will the attempts at forced executive givebacks make Europe's workers more willing to accept longer hours? It's too early to tell. But workers know employers are more than...
...make matters worse, the company's international partner, DaimlerChrysler, has refused to 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...
...merger but a takeover, with the German firm running Chrysler. There's more to it than semantics: slating the deal as a merger bypasses the need to pay shareholder premiums, as would happen in a takeover. The spotlight will fall on DaimlerChrysler chairman Jürgen Schrempp, who in an October 2000 Financial Times interview appeared to admit Chrysler was destined to be a mere division; he insists his words were taken out of context. But he may be vulnerable; DaimlerChrysler settled a similar suit in August, coughing up $300 million for investors. Plus Ca Change Caving in to German...
...Milberg, like top executives at Honda and Fiat, contends that the best way to stay ahead is to rely on partnerships rather than mergers. Schrempp disagrees, telling TIME editors that "consolidation in the industry is far from over." He may be right. But investors around the world are placing wagers on these two visions. And right now, most of the betting...