Top US Exec for Toyota Heads to Chrysler
06 September 2007
Jim Press, President and Chief Operating Officer of Toyota Motors North America (TMA) and a Director of the parent company, will join Chrysler LLC as the Vice Chairman and Co-president with Tom LaSorda.
Press’s resignation from Toyota is effective 14 September. Press will be responsible for North American Sales, International Sales, Global Marketing, Product Strategy, and Service and Parts for Chrysler LLC.
LaSorda’s responsibilities will include Manufacturing, Procurement and Supply, Employee Relations and Global Business Development and Alliances.
Press joins Chrysler after 37 years with Toyota, where he most recently served as the first non-Japanese President of Toyota Motor North America, responsible for sales, engineering and the company’s 15 manufacturing plants with 41,000 employees in North America. He was also the first non-Japanese executive selected to the Board of Directors of Toyota Motor Corporation.
Press becomes a member of the Chrysler LLC Board of Directors and the Board of Managers of Cerberus Operations and Advisory Co. (COAC), LLC. Press joins LaSorda as Vice Chairman of COAC.
Toyota is appointing Shigeru Hayakawa, TMA executive vice president and a TMC managing officer, president of TMA, also effective 14 September.
Wow. That's pretty wild.
Posted by: Travis Rassat | 06 September 2007 at 07:44 AM
Nice snag for Chrysler.
Posted by: jack | 06 September 2007 at 07:54 AM
This will make Toyota think twice before promoting any other Anglos to high levels.
Posted by: doggydogworld | 06 September 2007 at 09:02 AM
I can't believe this! I never, ever would have expected Jim Press to leave Toyota...in America, Jim Press IS, or in this case, WAS Toyota. I am shocked. Chrysler just made a major Coup with this move. Anyone know why he did it? I can't believe it was done over say more money, or a membership in the Jelly of the Month club?
Posted by: Schmeltz | 06 September 2007 at 10:20 AM
Anyone know why he did it? I can't believe it was done over say more money,...
He gets to be top dog (well, co-top dog for now) and he gets a piece of the action. Cerberus invested $5 billion in Chrysler but they borrowed a lot of that. Say their equity investment is $2 billion and they promise Press a 1% share. If Chrysler can return to the $36 billion valuation that Daimler paid years ago Press's stake would be worth $360m. That's private island money. LARGE private island. No Toyota exec will ever make a fraction of that.
Posted by: doggydogworld | 06 September 2007 at 03:25 PM
doggydog is right, this guy lasted as the top man for just over a year (see this article: http://www.theautochannel.com/news/2006/06/02/009489.html)
no surprise there that his replacement will not be an American.
Posted by: lensovet | 07 September 2007 at 01:44 AM
You raise some good points DoggyDog, maybe it was for more money. I was thinking moreso that he leveled out at Toyota as some have said already, and could go no higher. For the Japanese to even consider to place an American at one of their highest posts in the Company has been unheard of--until Press. This is such a suprising developement, I'm baffled this announcement didn't get a mainstream headline here at this site.
Posted by: Schmeltz | 07 September 2007 at 05:03 AM