Schrempp steps down as DaimlerChrysler boss

The head of German carmaker, DaimlerChrysler, is resigning despite the group posting better than expected second quarter figures.

Chief executive Juergen Schrempp will leave on 31 December. There had been no indication of a change in management. But Schrempp, one of the highest-profile bosses in Germany, was often criticised by analysts and financial markets for his ambitious strategies and international development plans. It was under Schrempp that the group took over the American manufacturers Chrysler to become the world’s fifth-largest carmaker. Despite problems with some models such as the Smart car, truck and bus profits in particular have ensured a positive second quarter, with net rises up 28 per cent.

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