PracticeAuditSenior managers suspended from Daimler Chrysler

Senior managers suspended from Daimler Chrysler

Heads of Daimler Chrysler's Frankfurt bus-building operation suspended and CEO resigns amidst probe into irregularities

Senior managers of Daimler
Chrysler’s
bus division in Frankfurt, Germany, have been suspended, and the
unit’s chief executive has stepped down following an internal probe which found
irregularities.

Chief executive
Wolfgang
Diez
resigned and company sources said the suspension of other senior
managers had nothing to do with pending investigations by the US
Securities and Exchange Commission into
allegations that the company used slush funds to bribe foreign officials.

‘In the context of a routine investigation of its own business, Daimler
Chrysler has detected irregularities within its bus unit. This has led to the
suspension of some executives, effective immediately,’ the company said in a
statement.

Global sales at the Daimler-Chrysler buses and coaches unit rose 10 per cent
last year to 36,200 vehicles and chassis, increasing its market share to 17%.
Bus sales in the first three quarters of 2006 eased 2.0% to 26,755.

Further reading:

DaimlerChrysler
bus unit CEO Diez resigns

DCX
bus boss quits as probe digs deeper

DaimlerChrysler
suspends bus executives amid probe

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