DaimlerChrysler Supervisory Board Issues Statement Following Today's Meeting

NEW YORK and STUTTGART, Germany, April 29 -- - The Supervisory Board of DaimlerChrysler AG today decided that Dr. Wolfgang Bernhard will not assume his responsibility as head of the Mercedes Car Group.

Professor Juergen Hubbert will continue to be responsible for the Mercedes Car Group until further notice.

DaimlerChrysler board backs CEO, group strategy

FRANKFURT, April 29, 2004; Reuters reported that DaimlerChrysler AG's supervisory board fully supports Chief Executive Juergen Schrempp and the autos group's strategy, the company said in a statement issued following a meeting in New York.

"Against the background of current reports, the supervisory board saw it as appropriate to make clear at today's meeting that it fully supports the strategic direction of the company," DaimlerChrysler said in a statement.

"At the same time, the board reiterated its full support for Chief Executive Juergen Schrempp and his colleagues in the management board.">p>

Sources close to the situation had said that Schrempp's future would be discussed at the meeting after he was outvoted last week on plans to bail out ailing Japanese partner Mitsubishi Motors.

The group decided last week to cut off all financial support for Mitsubishi, throwing its Asian strategy into disarray.