Bernhard’s key role to Mercedes-Benz boosts shares
By Andrew C., 27 Aug, 2010. 0 Comments
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Shares were boosted after Daimler AG announced the appointment of Wolfgang Bernhard to a management board post as this fuelled talk that he could be chief executive Dieter Zetsche's heir apparent. Analysts perceive the dashing 49-year-old to be adept at cutting costs and increasing efficiency. However, in the past, many have complained about his brusque manner. Daimler made the announcement last Friday that Bernhard would head production and purchasing at Daimler's Mercedes-Benz Cars unit in addition to his role heading the group's vans business.LBBW analyst Frank Biller looks at this decision as leading to higher profits. However, this pales in comparison to Volkswagen 8% increase when then-CEO Bernd Pischetsrieder got Bernhard on board in October 2004 to head the VW brand. He famously turned the brand around but in the process, he faced a lot of opposition as he threatened to sell or shut down VW parts plants. He left VW in 2007 after a boardroom coup ousted Pischetsrieder. [via autonews - sub. required]
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