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November 29, 2009

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Head office to replace U.S. auto executive with a German

Tuesday, Nov. 14, 2000 | 11:07 a.m.

THE ASSOCIATED PRESS

DETROIT -- DaimlerChrysler shares rose today on reports that the automaker is preparing to oust the American head of its unprofitable U.S. operations and replace him with a German.

Some analysts applauded the reported move and said it would bring Chrysler under tighter reins.

James P. Holden, president of DaimlerChrysler Corp., is expected to step down this week and be replaced by Dieter Zetsche from DaimlerChrysler AG's commercial vehicles unit, the Detroit News reported on Tuesday, citing unnamed sources.

The Wall Street Journal reported that the Stuttgart, Germany-based automaker planned a special supervisory board meeting Friday where it was expected it would let Holden go after a year at the helm of Chrysler.

Holden is clearly under pressure to stem the division's losses. DaimlerChrysler's U.S.-based unit lost $512 million in the third quarter, its first operating loss in nine years, and the company's stock price is near its 52-week low of 49.60 euros.

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