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Business

No Single EADS Chief

The German-US car maker DaimlerChrysler has shot down plans by French President Jacques Chirac to place a Frenchman as the sole head of the European Aeronautic Defence and Space Company (EADS), the Financial Times reported on Monday. DaimlerChrysler, the largest EADS shareholder, has agreed with other major investors to maintain the aerospace group's dual chief executive structure when it expires next year, the paper said. It quoted inside sources in Paris and Berlin as saying Chirac had decided not to promote Noel Forgeard, the French chief executive of EADS aircraft unit Airbus, as a sole head of the parent company. "The idea of one chief executive alone is really at this stage dead," the newspaper quoted a source at the French media group Lagardere as saying. Lagardere owns a 15 percent stake in EADS, which is presently run by Frenchman Philippe Camus and German Rainer Hertrich. The company's board is to meet before Christmas to decide on what structure to adopt after their mandates expire in July, the report stated.

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