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| Germany gives up top job at EADS | Germany gives up top job at EADS |
| (40 minutes later) | |
| Germany is giving up its share of the top job at aerospace firm EADS in exchange for the top job at Airbus. | Germany is giving up its share of the top job at aerospace firm EADS in exchange for the top job at Airbus. |
| The French joint chief executive Louis Gallois will take sole charge at EADS while his German co-head Tom Enders gets the top job at Airbus. | The French joint chief executive Louis Gallois will take sole charge at EADS while his German co-head Tom Enders gets the top job at Airbus. |
| Mr Enders detailed the plan ahead of a meeting between French President Nicolas Sarkozy and German Chancellor Angela Merkel at Airbus in Toulouse. | Mr Enders detailed the plan ahead of a meeting between French President Nicolas Sarkozy and German Chancellor Angela Merkel at Airbus in Toulouse. |
| EADS' complex structure has been blamed for many of its recent problems. | EADS' complex structure has been blamed for many of its recent problems. |
| "We need to be a normal company," Mr Enders said. | |
| Previously, EADS had two chairmen and two chief executives: one French and one German. | Previously, EADS had two chairmen and two chief executives: one French and one German. |
| Daimler executive Ruediger Grube will become sole chairman of EADS, a post he previously held jointly with France's Arnaud Lagardere. | Daimler executive Ruediger Grube will become sole chairman of EADS, a post he previously held jointly with France's Arnaud Lagardere. |
| Mr Gallois confirmed the management shake-up, adding: "We all have the same priorities: that it works." | Mr Gallois confirmed the management shake-up, adding: "We all have the same priorities: that it works." |
| Strong euro | |
| Airbus is currently executing its restructuring programme, called Power8, which will involve 10,000 jobs being cut. | |
| Mr Gallois confirmed that the restructuring plan was based on the euro being worth $1.35. | |
| The comment came after the euro hit a record high of $1.3813 last Friday. | |
| The strong euro is a problem for Airbus as the majority of its costs are paid in the European common currency, while it sells most of its aircraft in dollars. | |
| Mr Gallois denied that more jobs would have to be cut as a result of the strength of the euro. | |
| "It (the plan) does not change because of one point in time," he said. |