Chrysler merged in 1998 with Daimler-Benz to form DaimlerChrysler AG. This was initially touted as a merger of equals, but within a couple of years the truth was evident: it was a buyout of Chrysler by Daimler-Benz, with the latter being very much the dominant partner. As if on cue, Chrysler went into another of its financial tailspins soon after the merger, greatly depressing the stock price of the merged firm and causing serious alarm at headquarters in Germany, which sent new CEO, Jürgen Schrempp, to take charge.