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July 28, 2005 / 11:48 AM

Schrempp leaves Daimler-Chrysler

STUTTGART, Germany, July 28 (UPI) -- Juergen Schrempp, head of German car giant DaimlerChrysler, will leave the company at the end of the year, Deutsche Welle reported Thursday.

His successor will be the current head of U.S. firm Chrysler, Dieter Zetsche. American Thomas LaSorda will take over Zetsche's position at Chrysler.

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"I am totally surprised", Georg Stuerzer, automobile market analyst of the German Bank group HypoVereinsbank Thursday told Deutsche Welle. The analyst said he didn't expect Schrempp to go in light of the company's recent good numbers.

Schrempp, 60, headed the company for the last decade. His contract wouldn't expire until April 2008, Deutsche Welle said.

DaimlerChrysler shares reacted positively to Schrempp's announcement, making a 9-percent-jump to more than $47.

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