Posted by
alfredlester on Friday, August 21, 2009 10:36:48 PM
DETROIT &<51; James E. Press, the last holdover among top executives from Chrysler&S217;s prebankruptcy days, is expected to leave within three months, according to a person with knowledge of his plans.
Mr. Press spent 37 years rising through the ranks at Toyota to become its highest-ranking American executive before Chrysler lured him away in 2007 to help oversee marketing. He was initially one of two vice chairmen and presidents, sharing the job with Thomas W. LaSorda, who retired in the spring.
Mr. Press&S217;s departure comes as little surprise in Detroit, unlike his decision to leave Toyota, a company that has since become the world&S217;s largest automaker.
After Chrysler&S217;s bankruptcy, its new chief executive, Sergio Marchionne, who holds the same role at its Italian partner, Fiat, said he would retain Mr. Press as a special adviser to &S220;assist the new company in transition,&S221; prompting speculation that Mr. Press might retire soon.
His two-year tenure at Chrysler has been one of its toughest periods in history. Some specialists say they believe the company may still fail even after receiving billions of dollars from the federal government to avoid liquidation.
Chrysler executives declined to comment Friday on Mr. Press&S217;s future with the company.
During Chrysler&S217;s 42-day stint in bankruptcy this spring, Mr. Press, 62, oversaw the closure of 789 dealers, a quarter of its network. Rejected dealers and some lawmakers in Washington vilified Mr. Press and other Chrysler executives, but he steadfastly defended the action as necessary though painful, at one point testifying that it was &S220;the most difficult business action I have personally ever had to take.&S221; (He previously had described his resignation from Toyota as &S220;the most difficult decision I have made.&S221;)
Carl Galeana, who owns Chrysler dealerships in Florida, Michigan and South Carolina, said that while Mr. Press never lived up to the expectations that came with his celebrated arrival from Toyota, it was through no fault of his own.
&S220;He came in at a time when there wasn&S217;t a lot of upside,&S221; Mr. Galeana said. &S220;All of a sudden everything came crashing down, and from that point on it was all survival mode.&S221;
Another Top-Level Departure at Chrysler
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