Mercedes boss quits

Mercedes has announced its boss, Echard Cordes, is to leave the company.

" He will leave the company at his own request on August 31, after 29 years of service," a company statement said.

Cordes’post will be taken by Dieter Zetsche, who is at present chief of DaimlerChrysler's north American operations and is due to replace Schrempp as the group's new head on January 1 next year.

Zetsche is to take over at Mercedes on an interim basis until a final successor for Cordes is appointed.