Chrysler’s deputy CEO Jim Press is planning to quit his post before the year’s end, reports the Wall Street Journal.
Press took the helm of Chrysler in 2007 when Cerberus Capital Management took a controlling share in the company. He moved to the position after a lengthy 37-year career at Toyota Motor Corp.
When Chrysler emerged from Bankruptcy in June under new ownership by Fiat, Pres was made deputy CEO under the leadership of Fiat boss Sergio Marchionne. Under the old Chrysler System, Press worked alongside former Chairman Robert Nardelli and vice-chair Tom LaSorda. But when Chrysler filed for bankruptcy LaSorda announced his retirement. Then upon emerging from bankruptcy under the ownership of Fiat, Nardelli also stepped down.
Neither Press nor Chrysler have made any official announcements regarding Press’s decision to leave.
[Source: Automotive News]