|One Auto Exec. Who Should be Fired|
|23-Feb-07 [ by Larry Chao ]||11112 Read and 204 Comment|
Excuse me‚ Dieter Zetsche (CEO‚ DaimlerChrysler)‚ but what have your executives been doing over at Chrysler‚ your U.S. subsidiary these past couple of years? Last year‚ it lost US$1.5 billion.
According to Chrysler‚ high inventories‚ legacy costs and slumping sales have torpedoed the car company. So last week DaimlerChrysler hired JP Morgan Chase & Co. to conduct a strategic review of the US business to develop future options. Meanwhile‚ 13‚000 jobs will lost and Chrysler dealers and nameplates chopped.
How Thomas LaSorda‚ president of Chrysler‚ keeps his job is a mystery to me. How do you pay someone who loses that much money? What excuse do they have? Why not hire a newly minted college grad with no experience to run the show? I am sure he/she could not do any worse. I am shocked at how American companies can pay people to lose so much money. What am I missing here?
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