http://biz.yahoo.com/ap/070906/chrysler_press.html?.v=7
Interesting stuff:
Top Toyota North American Exec Jim Press Jumps to Rival Automaker Chrysler
DETROIT (AP) -- Chrysler pulled off a major coup Thursday, hiring away the highly-regarded Jim Press, Toyota's top North American executive, to run its sales and marketing operations.
Press, 60, formerly president and chief operating officer for Toyota in North America and the first non-Japanese member of Toyota Motor Corp.'s board of directors, will become Chrysler vice chairman and president.
ADVERTISEMENT
He joins new Chairman and CEO Robert Nardelli and Tom LaSorda on Chrysler LLC's top management team. LaSorda already has and will retain the same titles as Press.
LaSorda will run the company's manufacturing and purchasing operations, while Press will handle sales, marketing and product strategy, said company spokesman Mike Aberlich.
Hiring Press is Chrysler's second major executive announcement since August, when private equity firm Cerberus Capital Management LP took control of 80.1 percent of the company from DaimlerChrysler AG. Cerberus announced Aug. 6 that Nardelli, a former Home Depot Inc. CEO, would become Chrysler's Chairman and CEO.
Press' resignation will be effective Sept. 14, Toyota said.
"Tom LaSorda and I are thrilled that one of the most successful executives in the history of the auto industry has joined our leadership team at the New Chrysler," Nardelli said in a statement.
Toyota said Shigeru Hayakawa, a Japanese veteran at the company and Toyota managing officer, would be the new president of Toyota North America.
"Toyota has been the centerpiece of my life. This was the most difficult decision I have made," Press said in a statement.
Press, an American, has been with Toyota for 37 years. His rise at Toyota was widely seen as furthering the company's effort to bolster its standing as a multinational corporation.
"Jim has played a significant role in strengthening Toyota's presence in the U.S," Toyota President Katsuaki Watanabe said. "I would like to express my heartfelt gratitude to all he has done for Toyota."
Press will be asked to help turn things around at Chrysler, which has had problems of late in its sales and marketing operations.
Press comes to Chrysler with a great record of success at Toyota, which has seen continued sales increases in the U.S. for the past several years. The hiring comes as Chrysler's sales have been dropping and it has tried to repair fractured relations with its dealers.
"You can't argue with the level of success that Toyota has had," Aberlich said. "The way they've developed the car side of the business, the way they've developed their relationships with dealers."
Aberlich said hiring Press is no reflection on LaSorda, who was demoted from chairman and CEO when Nardelli was hired.
"The guy is such a remarkable get that you're going to do it," Aberlich said of Press, equating the hiring with a baseball team bringing another power hitter onto its roster.
Chrysler would not comment on Press' compensation package, and because it now is a private company, details likely will be kept quiet.
But Aberlich said the compensation will be tied to Chrysler's performance.
"He'll help turn us around, and he'll be rewarded," Aberlich said.
Also in August, Chrysler hired away a top marketing executive from Toyota's Lexus luxury brand. Deborah Wahl Meyer, 44, was named vice president and chief marketing officer.
Chrysler and its financial arm earned $549 million in the second quarter but would have posted an operating loss were it not for accounting changes due to the sale to Cerberus. But Chrysler's $618 million loss in 2006 sparked a major restructuring and eventually the sale.
Press, who makes no secret of his admiration for Toyota's Japanese cultural virtues as a key force of the automaker's strength, has been