Chrysler Announces Executive Departures
December 19, 2008
By Michelle Krebs
Two of the highest profile hires made by Chrysler following its purchase by private equity firm Cerberus Capital Management are leaving the company.
Philip F. Murtaugh, who headed Chrysler's Asia-Pacific operations, and Deborah Meyer, Chrysler's chief marketing officer, are gone, Chrysler announced just moments after President George W. Bush said Chrysler and General Motors would receive $17.4 billion in government loans.
The hiring of Murtaugh and Meyer, along with Vice Chairman Jim Press, were hailed as coups by Chrysler when they occurred just 18 months ago.
Murtaugh built General Motors' phenomenally successful operations in China. He left GM when the automaker reorganized its Asia-Pacific operations and went to GM's Chinese partner, SAIC. Chrysler then stole him away. The automaker said he is leaving by year-end to pursue other opportunities.
Chrysler lured Meyer away from Toyota where she had headed Lexus marketing. She joined Toyota after working for Ford. The post of chief marketing officer is being eliminated and her departure is immediate as she also pursues other opportunities, Chrysler said.
The Murtaugh and Meyer departures come within a couple of weeks of two other top-level executive exits. The automaker announced on December 12 that Purchasing Chief John Campi resigned because of health reasons. On December 15, Chrysler said Simon Boag, vice president in charge of the automaker's Mopar parts division, was leaving for other opportunities.
But clearly line workers to executives are seeing little future for the ailing auto company, despite the federal loans. Thousands, beyond what Chrysler had hoped for, have accepted buyouts to leave the company.
Still, putting the positive spin on the moves as only Chrysler has been able to do of late, Chrysler Vice Chairman and President James E. Press said in a statement Friday morning that "this consolidation provides even greater alignment for the Company to focus on its customers, dealers, regional operations and global product planning."
As part of Meyer's departure, Chrysler said it is realigning its global sales and marketing organization, pulling more operations under Steven J. Landry, executive vice president of North American Sales, Marketing and Mopar Parts and Service.
In response to Murtaugh's departure, Chrysler said Michael Manley, executive vice president of International Sales and Global Product Planning Operations, will also add to his responsibilities. Chrysler will also refocus its efforts in Asia, redirecting the sales and marketing function for the Asia-Pacific Region, particularly in China, which will continue to report to Manley.
Chrysler said it "will continue its global partnership and alliance strategy, including seeking new opportunities in China." However, those functions will be centralized in Chrysler's Auburn Hills, Michigan, headquarters under L. John Cataldo, vice president of Business Development and Alliances.
Posted by Michelle Krebs at 6:45 AM under Business , Chrysler , News , Personalities | Comments (1) | digg this | Seed Newsvine
Could it be that these 4 exec's rolled the dice and departed with their severance packages in place with the knowledge that the severance would be at risk with any Fed loan help?
Posted by: cabrio8 | December 20, 2008 at 7:08 AM