Monday, September 3, 2007

Daimler’s strategy chief to sit on Chrysler board

Grube will keep working with Chrysler.

German automaker’s one-fifth stake overseen by Grube and 2 other executives

Tom Armitage
Automotive News
September 3, 2007 -- 06:01 CET

Rüdiger Grube, 56, DaimlerChrysler’s board member for strategy, will represent the German firm on the board of its former US subsidiary, a spokeswoman for the German automaker said.

Daimler and Chrysler are splitting after a nine-year relationship.

Chrysler Holding’s other four board members will come from Cerberus, the private equity company that agreed to buy 80.1 percent of Chrysler in May.

Daimler, which retains 19.9 percent of Chrysler after the sale, will also send two more senior managers to serve on the boards of the Chrysler auto and finance subsidiaries.

There will be no change to Grube’s current role at DaimlerChrysler, the spokeswoman said. Grube’s responsibility there covers corporate development, including corporate strategy, mergers and acquisitions, industrial participation and global IT policy.

Cerberus has said it will make Chrysler profitable again within three years. Daimler has an interest in ensuring that Chrysler meets this goal. Daimler’s one-fifth stake will appear on its books “at equity,” meaning that the German firm must record its share of the US company’s profits or losses.

No comments: