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News of  May 30, 2001


DaimlerChrysler Announces Resignation of Freightliner President

Stuttgart - DaimlerChrysler announced that its Board of Management has accepted the resignation of Mr. Jim Hebe, President of Freightliner LLC, a business unit of the Commercial Vehicles Division. The Board also announced the appointment of Mr. Rainer Schmückle as Mr. Hebe's successor.

Mr. Schmückle, most recently Senior Vice President Controlling of DaimlerChrysler AG, and formerly CFO and CEO of Adtranz, the former DaimlerChrysler rail systems business unit, is known for his turnaround expertise. From 1994 to 1997, Rainer Schmückle already served as CFO of Freightliner.

Mr. Roger Nielsen, previously Vice President - Business Segment Specialized Vehicles of Freightliner, is also appointed Chief Operating Officer of Freightliner.

Mr. Herbert Kaufmann, CFO of DaimlerChrysler Services will replace Mr. Schmückle. He brings with him broad international experience in finance and controlling.

Dr. Eckhard Cordes, Member of Board of Management responsible for the Commercial Vehicles Division of DaimlerChrysler stated, "We wish to thank Jim Hebe for his years dedicated to building the Freightliner division in North America and wish him well in his future endeavours".

Due to the dramatic collapse and continued weakness in the demand for heavy trucks in the United States, Freightliner has already initiated a comprehensive profit improvement program, focused on reducing production capacity and cutting costs. This program will continue under the new management.

DaimlerChrysler confirmed that it remains on track to achieve all Group targets set out on February 26 and in particular its targeted operating performance of EUR 1.2 - 1.7 bn (excluding one-time effects) in 2001.

(May 25, 2001)

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