DaimlerChrysler CEO Dieter Zetsche was “grilled” at a shareholder’s meeting yesterday, for not moving fast enough to dispose of Chrysler, seen as a patient leeching off the profitable German half of the DaimlerChrysler supposed “merger of equals.”
Lawyer Hans-Richard Schmitz represented the shareholders and issued this statement on behalf of the shareholders: â€œChrysler is the worst problem in the group. It has been a patient for so many years and a burden for some time. I dont understand why you are so hesitant. The only thing to do is execute a separation. You are underestimating how poisonous this pill can be for your company.”
Besides Schmitz, more shareholders came forward personally to criticize Zetsche during the meeting. “For nine years you have been sitting on this scrap heap called Chrysler. What have you been doing for nine years? Nobody has learned anything. To call this a sale is a euphemism. If you pay for the garbage man to empty the dust bin, then does that mean you have sold something to the garbage man?” said Ekkehard Wenger.
Previously Ekkehard Wenger and another shareholder Leonhard Knoll proposed a name change of the company back to DaimlerBenz because the name Chrysler brought a negative image to the company. DCX’s board responded by saying that was not a valid ground to change the name of the corporation.
Other shareholders have blamed the failed partnership on cultural differences. â€œGermans care about quality and technical expertise. Americans only want money. They dont care about the craftsmanship of the product. This is an arrangement that must end,” said Georg Nuemeier, also a DCX shareholder. â€œTen years should have resulted in a better return. The fact is just that the marriage never worked,” said shareholder Klaus Fiereck.
Shareholders want Chrysler name dropped from DaimlerChrysler