Jürgen E. Schrempp

Jürgen E. Schrempp in 1993

Jürgen Erich Schrempp(born September 15, 1944, inFreiburg) was theCEOof Daimler-Benz from May 1995 to December 31, 2005, which becameDaimlerChrysler,aGerman-Americancar and truck manufacturer. Following a decision of the board taken on July 28, 2005, he was succeeded on January 1, 2006, byChryslerfrontmanDieter Zetsche.Schrempp was the architect of the merger joint venture between Daimler Benz and Chrysler, which ultimately ended in failure when Chrysler was sold in 2007.

Career

During his tenure,Daimler-Benzmade the 80% acquisition of theChrysler Corporationto become DaimlerChrysler. Schrempp called the merger a "match made in heaven". In addition to the acquisition of Chrysler, Schrempp pursued the acquisition ofMitsubishi Motorsas part of his 'Three Pillars' strategy to expand the reach of Daimler-Benz into the major markets of the United States and Asia.

In 2004, the Mitsubishi investment became a liability with the Japanese manufacturer swamped under a mountain of debt and following a refusal by other members of the JapaneseMitsubishikeiretsuto assist Daimler in funding its operation. The German company eventually walked away with substantial losses. On 14 May 2007, Daimler sold 80% of Chrysler to the private equity firm Cerberus.

Before becoming the CEO of Daimler-Benz in 1995, Schrempp headed the aerospace division of Daimler-Benz, then calledDASA,which isEADStoday. DASA acquired theDutchaircraft manufacturerFokkerthat was already in difficulty in 1993 after it signed a contract stating the intention to take Fokker over on October 30, 1992. Schrempp called Fokker his "love baby". On January 22, 1996, after having subsidized the losses of Fokker with billions of Deutsche Marks, Daimler-Benz decided to stop putting more money into Fokker, and the firm subsequently went bankrupt.

Schrempp is a Director of South African Coal, Oil and Gas Corporation Ltd., and Compagnie Financière Richemont S.A.,Switzerland.Additional engagements include the Chairmanship of United Global Academy - UGA, the advisory board ofDeutsche Bank,the European Advisory Board of Harvard Business School, and the German Council ofINSEAD.He is also on the board ofTransnet.

He was previously a non-executive director ofVodafone Groupplc, after their 2000 take over of Mannesman Group.He is a former member of the Steering Committee of theBilderberg Group.

Recognition

Schrempp is the recipient of:

• Cross of the Order of Meritof theFederal Republic of Germany
• Bavarian Order of Merit
• Medal of Merit of the Federal State of Baden-Württemberg
• Commander of the National Order of Merit of theFrench Republic
• Commander of the FrenchLegion of Honour
• TheVatican City’s Cross of the St. Gregorius Order
• AustrianGrand Decoration of Honor in Gold with Star for Services
• Brazilian Southern Cross.
• Woodrow Wilson Award for Corporate Citizenship
• Commander of theOrder of Good Hope

Personal life

Schrempp lives primarily inMunich,Germanyand KitzbuehelAustriawhere his wife, Lydia Schrempp, owns an Italian restaurant. He has been married to Lydia since 2000, with whom he has a daughter, Loana Theresa, (born in 2001) and a son, Luca-Timon, (born in 2005). Schrempp has two sons, Alexander and Marc, from his previous marriage to Renate Lutz, which was ended by Lutz due to Schremp'sadulterousaffair with Lydia, who was hissecretaryat the time.

External links

• Daimler's nose dive: After reporting Germany's worst loss ever, the company dumps Dutch planemaker Fokker as diversification failsarticle inTIMEInternational February 5, 1996 Volume 147, No. 6