GERMANY: Daimler appoints Chrysler board members
Daimler's board member responsible for strategy, Rüdiger Grube, has been given a seat on the new five-member board of Chrysler Holding, to look after the German automaker's 19.9% stake in the newly privately-owned US company.
The holding company board will outline strategy to return Chrysler's vehicle operations to profit and support its global expansion.
German publication Automobilwoche said a further two high ranking managers would be sent to Chrysler HQ in Auburn Hills, Michigan. Chief legal advisor Gerd Becht and finance division head Jürgen Walker would holds seats on the board of Chrysler LLC, the company that will manage the vehicle business on behalf of the holding company.
This board will have 11 members. Chairman will be Chrylser's new ex-Home Dept chief (and reported Prowler-owning car enthusiast) Robert Nardelli, supported by his number two, Tom LaSorda.
Other board members will be Cerberus representatives and independent directors.
Walker will represent Daimler on the board of Chrysler Financial - he headed the finance division of the former DaimlerChrysler. According to Automobilwoche, the two companies will continue to cooperate in terms of financing, but the finance companies have been officially separated.
The Chrysler Financial board will have nine members - in addition to Walker there will be three independent board members and five Cerberus representatives.