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Chrysler
DaimlerChrysler AG headquartered in Stuttgart, Baden-Württemberg, Germany and Auburn Hills, Michigan, USA, is a prominent automobile and truck manufacturer and financial services provider (through DaimlerChrysler Financial Services). more...
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The company also owns a major stake in aerospace group EADS.
DaimlerChrysler was formed in 1998 by the merger of Daimler-Benz (Germany) and the Chrysler Corporation (USA). The transaction was announced on May 7, and took place on November 12.
The company produces cars and trucks under the brands Chrysler, Dodge, Jeep, Mercedes-Benz, Smart, and Maybach, among others. The Chrysler Group (Chrysler, Jeep and Dodge) also provides its customers with parts and accessories marketed under the Mopar brand name.
Controversy
In 2002, the merged company appeared to run two independent product lines, with few signs of corporate integration. In 2003, however, it was alleged by the Detroit News that the "merger of equals" was, in fact, a takeover. The allegation came forth as new products such as the Chrysler Crossfire (using extensive Mercedes parts) and the Dodge Sprinter/Freightliner Sprinter (a rebadged Mercedes-Benz Sprinter van) came to market. Cooperation between the Mercedes Car Group and the Chrysler Group is expected to become markedly closer under CEO Dieter Zetsche.
The $36 billion merger became the focal point of several lawsuits, including one filed by billionaire investor Kirk Kerkorian, and also a book (Taken for a Ride: How Daimler-Benz Drove Off With Chrysler, (2000) by Bill Vlasic and Bradley A. Stertz). One class action lawsuit was settled in August 2003 for $300 million. On April 7, 2005, U.S. District Judge Joseph Farnan Jr. presided over a bench trial in Wilmington, Delaware, and ruled in favor of DaimlerChrysler, rejecting Kerkorian's allegations.
Leadership
Dieter Zetsche, former President and CEO of the Chrysler Group and the Mercedes Car Group, became the chairman of DaimlerChrysler on January 1, 2006.
Chairman Jürgen E. Schrempp resigned from his position at the end of 2005 as head of the world's fifth largest auto manufacturer. In an agreement with the board of directors and Schrempp, he terminated his employment with the company early (his contract ran through 2008). Schrempp has been blamed for the fall of the company's share price since Daimler-Benz's merger with Chrysler Corporation in 1998 of which he was the architect.
Current members of the supervisory board of DaimlerChrysler are: Heinrich Flegel, Nate Gooden, Earl Graves, Thomas Klebe, Erich Klemm, Hilmar Kopper, Arnaud Lagardère, Jürgen Langer, Robert Lanigan, Helmut Lense, Peter Magowan, William Owens, Gerd Rheude, Udo Richter, Wolf Röder, Manfred Schneider, Stefan Schwaab, Bernhard Walter, Lynton Wilson, and Mark Wössner.
Read more at Wikipedia.org
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