Chrysler Hires Toyota Exec Press

Press' success during a 37 year career at Toyota is a vote of confidence in Cerbrus Capital's management program. Of course, new talent are getting stock-option and other incentives for risking their careers to join the turn-around effort.

Mr. Press, 60, will manage North American and global sales, marketing, product strategy, and parts/service.

Jim Press gets credit for building a healthy dealer network, and a strong US brand, at Toyota. He is expected to shore up dealer relations, which were badly fumbled during the Daimler-Chrysler 2006 sales bank inventory fiasco.

Chrysler dealers applauded the Press appointment.

Co-vice-chairman, and former CEO, Tom LaSorda will lead manufacturing, supply chain, global business development, and alliances.

Toyota President Katsuaki Watanabe says he is sorry to see Press leave.

Mr. Press is the second executive to be filched from Toyota: Debra Wahl Meyer has moved to marketing at Chrysler.

The Press appointment is designed to show that Wall Street interests will not dismember Chrysler.

Cerbrus didn't just hire a manager; it played an ace in Detroit and the automotive marketing community.