History of Chrysler stake in the firm. Financial performance improved and Chrysler was generating a significant part of Daimler-Chrysler's profits from 2004 to 2005, as the other subsidiary, Mercedes-Benz, incurred costs for restructuring. By 2005, Chrysler was said to be the healthiest of the Detroit Three automakers (compared to General Motors and Ford Motor Company). As a result of Zetsche's apparent success in a turnaround of Chrysler, Juergen Schrempp, the CEO of parent company Daimler-Chrysler, was pressured to retire early. Zetsche was elevated to CEO of Daimler-Chrysler on January 1, 2006, and Thomas W. LaSorda became President and CEO of Chrysler Group. However,
General Motors Chapter 11 reorganization bankruptcy being one of the options discussed. GM stated that "all options are on the table" for the company. Chrysler LLC, which is owned by Cerberus Capital Management, in a similar financial situation, warned that it, too, was nearly out of cash and might not survive much longer. December 18, 2008: President Bush announced that an "orderly" bankruptcy was one option being considered for both General Motors and Cerberus-owned Chrysler LLC. Sources said that setting up this type of "orderly" bankruptcy would be complicated because it would not only involve talks with the automakers, but also the unions and other