Jurgen Schrempp was a visionary. He didn't pull off his vision of massive synergies and massive profits for DaimlerChrysler. He did, though, manage to conjure and pull off the vision of massive profits for himself. In spite of a $36 billion dollar "merger" that turned almost immediately into a 9-year shouting match and a $29 billion dollar loss (give or take) for Daimler, Schrempp might walk away with $134 million for his... troubles. Why? Two words: stock options.

Schrempp left the DaimlerChrysler building in 2005, but took with him one million stock options that might be worth something if someone ever turned DaimlerChrysler around. While Schrempp put in a great deal of effort and really did believe in what he was doing, it would be hard for him not to make money off the options he was given, based on the fact that he had halved the market value of the company by the time he left in 2005. As long as the company doesn't go under, that is. A month ago, when the sale of the company was announced, DCX shares were at about 64 euros on the German index, the DAX, and rising. That was roughly a 90% increase in value since Schrempp's departure. It is speculated that the stock will get to 100 euros. If it does, that's a $100 million euro payday. Even if he took the going rate, he still rakes in about 68 million euros. Not bad for a vision that didn't pan out.

[Source: Detroit News]

I'm reporting this comment as:

Reported comments and users are reviewed by Autoblog staff 24 hours a day, seven days a week to determine whether they violate Community Guideline. Accounts are penalized for Community Guidelines violations and serious or repeated violations can lead to account termination.

    • 1 Second Ago
  • From Our Partners

    You May Like
    Links by Zergnet
    Share This Photo X