It must be pretty galling. Jürgen Schrempp announces he’ll leave DaimlerChrysler and the shares leap 10 per cent. At Deutsche Börse, the stock is up 20 per cent since Werner Seifert was ousted as chief executive two months ago. And Volkswagen’s shares have climbed 8 per cent since Peter Hartz resigned as a board member.

The message is harsh but clear. In the eyes of investors at least, these companies are better off without these people.