May 22, 2003

DaimlerChrysler's Canadian finance arm reorganizes

Windsor, Ontario/ Farmington Hills, Michigan - DaimlerChrysler Services Canada, the captive finance arm for DaimlerChrysler products in Canada, announced a new organizational structure. The company, which does business as Chrysler Financial and Mercedes-Benz Credit, has created a stronger brand-specific approach to its operations. For the Freightliner, Sterling and Western Star brands sold in Canada, a new finance unit was created to service the specific needs of truck dealerships and their customers. Previously this function was within the Mercedes-Benz Credit operations.

Taking effect June 1, 2003, the new organizational structure introduces new managing directors solely responsible for each brand who report to the President and CEO of DaimlerChrysler Services Canada. The changes will enable the organization to more effectively manage the ongoing growth and increasing complexities of the finance business. Richard Howard, currently managing director for DaimlerChrysler Services South Africa will be responsible for Chrysler Financial Canada. Ian Loveless, responsible for the operations of Mercedes-Benz Credit Canada will now head up the newly created business unit responsible for commercial vehicles. Until a managing director for Mercedes-Benz Credit has been appointed, sales and marketing manager Frank Gladiator and newly appointed operations manager Robert Varela will also report directly to the President and CEO.

"The new organizational structure provides us with the proper framework for DaimlerChrysler Services Canada to strengthen the alignment with our vehicle sales partners on the Mercedes-Benz, the Chrysler, Jeep and Dodge and the Freightliner, Sterling and Western Star sides. We have a very experienced and dynamic team in place that will continue our course of providing excellent customer service to our strong dealer bodies," stated Jürgen Rochert, President and CEO of DaimlerChrysler Services Canada.

DaimlerChrysler Services Canada provides brand specific financing for automotive dealers' inventories and their customers and does business as Chrysler Financial and Mercedes-Benz Credit. The Truck Financing unit finances commercial vehicles for Freightliner, Sterling and Western Star. The company, based in Windsor, Ontario serves as the headquarters for the operations in Canada and has over 420 employees located throughout Canada who manage a portfolio of CDN $12 billion with over 500,000 thousand contracts.

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