Friday, November 17, 2000
The Detroit News.
DaimlerChrysler board dumps Holden
Automaker now says Chrysler unit's earnings in 4th-quarter will fall below forecasts
By Bill Vlasic / The Detroit News
DETROIT -- The supervisory board of DaimlerChrysler AG officially fired James
Holden today as president of the Chrysler Group and replaced him with veteran German
executive Dieter Zetsche.
The German automaker also said that the Chrysler unit's fourth-quarter earnings
"will fall below" previous forecasts and cut into projected profits for the parent
company.
DaimlerChrysler had predicted in October that its Chrysler unit would be profitable
in the last three months of the year, but now is likely to post a loss due to slumping
U.S. auto sales and spiraling costs
In a statement, the board said Zetsche will lead a strategic review of the
Chrysler's unit's operations and "fundamentally reposition and restructure the
business." Details of the overhaul will be released early in 2001.
rest at: http://www.detroitnews.com/
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