Chrysler picks six for board
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November 3, 1998: 3:57 p.m. ET
Carmaker chooses group of outside directors for DaimlerChrysler board
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NEW YORK (CNNfn) - Chrysler Corp. apparently has picked a half-dozen of its heavy-hitting outside directors to sit on the new DaimlerChrysler AG supervisory board.
The Detroit News reports that James Aljian, an executive from billionaire Kirk Kerkorian's Tracinda Corp., is among them. Aljian apparently was named to Chrysler's board two years ago in exchange for Kerkorian's agreement to end his takeover battle for the company.
According to the report, the others selected are: Robert Allen, retired chairman of AT&T Corp. (T); Early Graves, chairman of Black Enterprise magazine; and Robert Lanigan, one-time chairman of Owens-Illinois Inc. (OI).
Peter Magowan, president of the San Francisco Giants professional baseball team, and G. Robert Thoman, president of Xerox Corp. (XRX), also were named.
The group will team up with six directors selected by Daimler to form a 12-member board.
That temporary board, however, will stay intact only a few weeks, until a German court approves a list of 10 employee representatives as directors.
Once the merger is complete, one board member from each side will be let go and the 10 remaining members will be joined with the company employees to form the 20-member board.
A spokesperson for Chrysler could not be reached for comment.
Shares of Chrysler (C) were off 11/16 at 48-5/16 late Tuesday on the New York Stock Exchange.
Chrysler's $38 billion transatlantic merger with Daimler-Benz is entering the finishing stretch.
Last week, Daimler-Benz shareholders decided overwhelmingly to swap their Daimler stock for shares in the newly-created DaimlerChrysler company. About 97 percent of shareholders tendered their Daimler stock.
Daimler needed more than 90 percent of shareholders to tender their shares so the deal could be classed as a merger, rather than a takeover.
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Chrysler
Daimler-Benz
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