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Defection at Daimler
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March 1, 1999: 7:16 p.m. ET
Ford reaps the benefits, hiring two departing senior vice presidents
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NEW YORK (CNNfn) - Two high-ranking engineering executives at DaimlerChrysler resigned their posts Monday to take top positions at rival Ford Motor.
Their departures follow on the heels of several other resignations by Chrysler executives at the company since the Germany-based Daimler Benz AG merged with the U.S. car maker four months ago.
In a statement, DaimlerChrysler confirmed Shamel T. Rushwin, senior vice president of international manufacturing and minivan assembly operations, and Chris P. Theodore, senior vice president of platform engineering, had resigned their posts. Their departures are effective March 1.
The automaker's president, Thomas Stallkamp, said, "This is a competitive industry and while we obviously hate to lose any management talent, it is a reflection of the strength and wide ranging business capabilities that exist in our company."
When asked if DaimlerChrysler was concerned its minivan secrets might be given to Ford or whether it had any response to reports that U.S. executives at the company feel they have been treated less well than their German counterparts since the merger, once described as a "merger of equals," company spokeswoman Rita McKay said, "We're just going to go with (our press) statement on these two resignations."
In bed with the enemy
In its own statement, Ford said Rushwin will become its vice president of advanced manufacturing and engineering, and Theodore will assume the post of vice president of the large and luxury car vehicle center.
"The experience and expertise that Shamel and Chris bring to Ford will add exceptional depth to an already strong team," said Ford President and CEO Jacques Nasser.
Shares in DaimlerChrysler (DCX) ended down 2-7/8 at 91-1/6 on the New York Stock Exchange Monday. Ford (F) stock slipped 15/16 to 58-3/8. 
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DaimlerChrysler
Ford
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