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Profits - Germany - Jilted Mercedes chief cashes in
UK -The Guardian Unlimited, by David Gow in Brussels-August 3, 2005: -- Eckhard Cordes, the Mercedes chief passed over to be the new head of parent group DaimlerChrysler, made a profit of almost €500,000 (£344,500) by cashing in share options the day after he handed in his resignation... The transaction gave added momentum to reports that Mr Cordes would leave Mercedes within a matter of weeks... The 54-year-old executive, who has presided over Mercedes' fall from grace with declining sales and 1.3 million cars recalled for technical problems, made €479,150 (before tax) on the deal but sources said there was no question of insider dealing as it took place a day after Daimler published its half-year results... According to reports yesterday, Mr Cordes' wish to step down was motivated by his glacial relations with Dieter Zetsche, the Chrysler chief who is to take over from Mr Schrempp on January 1. "I can't get on with him"...
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