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DaimlerChrysler Names New CEO

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NEW YORK DaimlerChrysler said today that its CEO and chairman, Juergen Schrempp, would leave his position by the end of 2005 and that he would be replaced by Dieter Zetsche, who heads up Chrysler. Zetsche in turn will be replaced by Thomas LaSorda, COO at Chrysler.

DaimlerChrysler said Schrempp, whose contract was valid through 2008, would leave at the end of the year and would draw no salary after the end of 2005.

"Through our brand and product portfolio and our presence in more than 200 countries, we are uniquely positioned," Schrempp, who has been with the company for more than four decades, said in a statement. "Profits have risen steadily and we are on the way to reaching the goals set under my chairmanship. In view of this positive development, the board of directors of DaimlerChrysler and I agreed that the end of 2005 would be the best time for a change in leadership of the company."

The company spent $1.8 billion on U.S. measured media last year, including $730 million on Dodge, $520 million on Chrysler, $370 million on Jeep and $160 million on Mercedes-Benz, per Nielsen Monitor-Plus.

Omnicom Group's BBDO in Southfield, Mich., is lead agency for the first three nameplates; sibling Merkley + Partners in New York handles creative chores for Mercedes-Benz.

Omnicom's PHD in New York is lead media agency.

—Brandweek staff report