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DaimlerChrysler Plans on Smaller Board

BRIEFLY / AUTOS

August 05, 1999|Reuters

DaimlerChrysler is planning to shrink its management board to 10 to 13 members from 17, a top executive of the auto maker said. "We have said all along that we want to go to a somewhat smaller management board," Gary Valade, DaimlerChrysler executive vice president of procurement, told reporters at an industry seminar. He said the reduction would be done between now and the third year of the new company, which was created in November from the merger of Germany's Daimler-Benz and U.S. auto maker Chrysler Corp. Valade said all options, including not filling board seats after retirements, would be considered. He added an effort would be made to keep a balance of Americans and Germans in the near term, but any long-term opening would be filled by the best person regardless of nationality.

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