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NINETY EIGHT REGENCY

Wolfgang Bernhard will become the new chairman of the Chrysler

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Report: Wolfgang Bernhard will be Chrysler chairman

Automotive News Europe

July 26, 2007

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MUNICH -- Former Volkswagen brand chief Wolfgang Bernhard will become the new chairman of the Chrysler group when DaimlerChrysler’s sale of 80.1 percent of the company to investment fund Cerberus Capital Management is complete later this year, Germany’s manager magazin reported today on its Web site.

Tom LaSorda will keep his job as Chrysler CEO, the magazine said. The final decision on the executive positions will likely be made as early as today, the report said.

There has been speculation about Bernhard's role at Chrysler ever since Cerberus hired the former Chrysler chief operating officer as an adviser when it was preparing its bid for the U.S. automaker.

Bernhard is best known as the product whiz who championed the Chrysler 300C during his years at Chrysler headquarters. He has been a key adviser to Cerberus in the acquisition, spending a lot of time at Chrysler headquarters.

Cerberus has also hired several other former Chrysler executives as advisers. They include design chief Tom Gale; sales chief Gary Dilts; Thomas Gilman, ex-chief financial officer of DaimlerChrysler Services; and Jerry Farrell, former president of Chrysler Financial Corp.

Edited by NINETY EIGHT REGENCY
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guess Chrysler bought out VW's no-compete clause? assuming there was one

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