James E. Press, the president and chief operating officer of Toyota Motor North America has been named as the co-president of Chrysler LLC is a surprising move in the American auto industry.
The 60-year-old Press is a 37-year Toyota veteran and is a valued executive in auto circles. Press became the highest ranking American executive in Toyota in May last year. He was also the first American to serve on Toyota's board.
Meanwhile this was a big coup for Chrysler owners Cerberus Capital Management. Earlier this year the company had managed to snag Robert L. Nardelli, the former chief executive of Home Depot to serve as its chief executive.
Chrysler is struggling at the fourth spot in the US auto market and it is felt by analysts that press will help move the company forward. Gerald Meyers, retired chairman of American Motors Corp was however skeptical of Chrysler's move.
"Press comes from a well-oiled machine that knows nothing but success," Meyers said. "Toyota was not a tough job. He's not had to deal with the crisis and hardship he'll face at Chrysler."
Analysts were also not so sure about the decision to give Press the same status as Tom LaSorda. However Chrysler spokesman Jason Vines said both executive had different responsibilities to deal with. "You have one of the best operations guys in the world [LaSorda], and the best marketing guy in the world [Press] and an extremely strong leader as chairman," Vines said.
Meanwhile Toyota has said Shigeru Hayakawa will replace Press in the company hierarchy. "Jim has played a significant role in strengthening Toyota's U.S. presence. I would like to express my heartfelt gratitude for all he has done for Toyota," said Toyota Motor Corp. President Katsuaki Watanabe.
