DaimlerChrysler to cut management board down to six members

FRANKFURT - German-US auto giant DaimlerChrysler said Monday that it would cut its management board down to just six members from nine in the wake of its decision to sell the majority stake in its loss-making US unit Chrysler to private equity firm Cerberus.
Three board members -- Chrysler chief Tom LaSorda and his number two Eric Ridenour, as well as procurement chief Tom Sidlik -- would leave the board, DaimlerChrysler said in a statement.
There would no longer be a separate board position for procurement in the new Daimler group, the statement said.
In future, all procurement activities "will be directly coordinated between the divisions," it said.
Finance chief Bodo Uebber "will additionally assume overall responsibility for procurement."
Tom LaSorda would continue to head Chrysler and steer the car maker back to profit.
In 2006, Chrysler turned in operating loss of 1.2 billion euros (1.6 billion dollars).

05/14/2007 12:21 GMT