2004 G500 (gone)
First he got lost by using the Mercedes Benz Navigation system, then he gets heckled by Shareholders.
We can write him, as loyal Mercedes-Benz customers, and tell him that we will stand behind him if he continues to offer our G-class, striped down or fully loaded.BERLIN â€” DaimlerChrysler chief executive JÃ¼rgen Schrempp faced a hostile reception from fund managers and shareholders at the company's annual meeting yesterday.
One fund manager's quip â€” "Do you need to shoot yourself in the foot to prove you're a capable doctor?" â€” won cheers and a round of applause from the packed Berlin convention center.
While they fell short of giving Schrempp a vote of no-confidence, a number of senior fund managers opted to abstain from the traditional symbolic vote approving the performance of the management.
The company's earnings have tumbled in the past year, hit by quality problems at Mercedes-Benz, the collapse of alliances with Mitsubishi and Hyundai, a sales scandal that has seen the sacking of senior German managers, and a $1.56 billion restructuring of the Smart city car business.
Schrempp nevertheless told the audience: "We have made clear progress," claiming the company reached its operating earnings target for the full year despite a drop in fourth-quarter earnings. "We reached our profit target. But we're not satisfied with that," he said.
Shareholders, however, are unconvinced; the company's stock is worth far less than at the time of the 1998 merger between Daimler-Benz and Chrysler. "This is becoming a nightmare," said one shareholder.
What this means to you: Schrempp continues to ride out the storm, despite a series of woeful decisions. Unless the turnaround starts soon, DaimlerChrysler's shareholders will surely run out of patience with him.