DaimlerChrysler Head Latest to Leave NYSE Board
The head of car manufacturer DaimlerChrysler (DCX) became the second New York Stock Exchange board member to step down in the wake of Big Board Chairman Richard Grasso's departure over an outsized pay package.
According to wire reports, Jurgen Schrempp has decided to leave the board. Schrempp follows Carl McCall, former New York state controller, who resigned from the board Thursday. Schrempp was not on the compensation committee that approved the $187 million payout to Grasso. A spokesman for the car company told Reuters that Schrempp wanted a "new definition" for the board and added that the German-based executive had had difficulty making it to board meetings anyway. The shrinking of the board probably meets with the approval of its new head. Interim Big Board chairman John Reed is reportedly looking to remake the board with a much smaller profile -- 12 members instead of 27.>To order reprints of this article, click here: ReprintsTheStreet Premium Services For Personal Service: 877-471-2967
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