Former Chrysler Exec Heads Auto Supplier
March 20, 2007

We thought of former Chrysler President Jim Holden last fall as Chrysler struggled with many of the same problems he encountered and for which he ultimately got the boot. We wondered where and when he would reemerge, and now he has.

Holden was named non-executive chairman of Meridian Automotive Systems, Inc., the Michigan-based auto supplier announced Monday.

Holden was ousted as Chrysler CEO in November 2000 after barely a year on the job. He was blamed, amidst the turmoil of merging Daimler-Benz and Chrysler, for Chrysler’s slow sales and bloated inventories. Dieter Zetsche, now DaimlerChrysler CEO, replaced Holden.

Slow sales and bulging inventories recurred last fall, prompting speculation that current Chrysler CEO Tom LaSorda would be fired as well. Instead, Chrysler’s woes prompted DaimlerChrysler to put Chrysler on the auction block.

Meridian, of Allen Park, Mich., makes bumper systems and trim. The company ranks No. 51 on the Automotive News list of the top 150 suppliers in North America, with sales to automakers totaling $1 billion in 2005. Meridian emerged from Chapter 11 bankruptcy on Dec. 29.

In a statement, Meridian CEO Richard Newsted said Holden's "automotive experience, insight and leadership will help guide our company's pursuit of strategic initiatives and profitable growth."

Holden also serves as a director of Sirius Satellite Radio Inc. and Speedway Motorsports Inc.

Posted by Michelle Krebs at 5:06 AM under Chrysler , News , Personalities | Comments (0) | digg this | Seed Newsvine