Just two weeks after Chrysler Financial announced that it was exiting the auto leasing business, the division’s top two executives have decided to step down. Chrysler Financial president and CEO Paul Knauss and company COO William Jones will both retire, effective immediately.
Thomas Gilman will take over for Knauss, and will hold the titles of CEO and vice chairman – intended to help Chrysler Financial “focus on its core business”. Gilman has previously severed as Chrysler Financial CFO and was most recently a senior advisor for Cerberus – the private equity owner of Chrysler.
Darryl Jackson has been appointed Chrysler Financial COO and will also handle the company’s sales and marketing. Jackson previously headed Chrysler’s U.S. sales.
08/10, 10:20 PM
posted by:
A4
riveting
08/10, 11:02 PM
posted by:
Xile
Please keep this a secret from HemiRoadRunner. More Chrysler bad news might push him over the edge.
08/10, 11:39 PM
posted by:
jayjc08
“Jackson previously headed Chrysler’s U.S. sales.”
Well then, Chrysler financial maybe in more trouble!
08/11, 3:28 AM
posted by:
acura_el2000
Does anyone think this recent trend of no longer leasing from the big three is because they know something about the future economic instability?
we all know how close they are with the government
08/11, 10:04 AM
posted by:
Buhbye
‘Focus on it’s core business’ is a line stolen from Ford.
08/11, 11:21 AM
posted by:
chryslercurse
WE ALL KNOW CHRYSLER IS CRASHING FAST , BUT WHY DO THEY MAKE IT SO OBVIOUS
08/11, 12:03 PM
posted by:
RaineMan
I wonder how many millions in bonuses and severance package goodies these guys took with them? That’s the story people aren’t hearing. These super execs and their idiotic business practices running the business into the ground… just so they can take a pension and retire… no skin off their backs.
08/11, 12:59 PM
posted by:
jumpoffit
ice berg!! RIGHT ahead!
08/11, 1:33 PM
posted by:
Scarface03
acura_el2000:
I think it’s more the case that financing vehicles is not very profitable. Assuming that you gave a loan to someone who actually could pay it off (a big “if”, as many people probably got approved for financing when they shouldn’t have), the downturn in the economy does not help.
Especially when you consider the collateral–unless the consumer defaults close to the end of his car loan, the value of his car is likely much less than the amount of the loan. Do we ever own a more expensive thing that depreciates so rapidly?
Bottom line: people who can’t pay their car loan means money that the car company will never see again.