Ridenour Named New Head of Engineering at Chrysler Group Following Retirement of Schaum

    -- Rich Schaum retires after nearly four decades with the company
    -- Eric Ridenour becomes Executive Vice President - Product Development
    -- Craig Love assumes lead of Activity & Premium Vehicle Product Team

    AUBURN HILLS, Mich., Jan. 29 -- The Chrysler Group
announced today that Eric R. Ridenour, 44, has been named Executive Vice
President - Product Development, effective February 1, 2003, in conjunction
with the retirement of long-time engineering chief Richard O. Schaum, 56.
    Ridenour, who has 15 years management experience in Chrysler Group
Engineering, has most recently been Vice President - Premium Vehicle Product
Team.  In a related move, Craig R. Love, 54, assumes responsibility for the
product development of the company's premium passenger car line-up, in
addition to his current responsibility as head of the activity vehicles, with
the new title Vice President - Activity & Premium Vehicle Product Team.
    "This appointment demonstrates that Chrysler has the depth of talent upon
which to build its engineering future," said Dieter Zetsche, President and
Chief Operating Officer at Chrysler Group.  "While we will miss Rich's
leadership, we can also look forward to Eric's broad experience to continue
what Rich has built during his 37 years with the company."
    Ridenour has experience in several engineering and related disciplines at
Chrysler Group, including powertrain engineering, regulatory affairs, product
planning and product strategy.  In his new position, he will direct 9,000
people involved in the product development disciplines, including Engineering
Technologies, Regulatory Affairs and Product Strategy functions, as well as
the powertrain and vehicle engineering Product Teams.
    Schaum cited as his proudest achievement his work related to the
restructuring of the Chrysler Group, following the 1998 merger into
DaimlerChrysler.  "In just a few short years, we restructured the entire
company," he said.  "At the same time, we institutionalized the Chrysler
Development System, implemented Component Teams and Centers of Competence, and
launched a product offensive which is unprecedented in the history of Chrysler
Group."
    "As a member of the Chrysler Group Executive Committee, Rich has been
instrumental in restoring the company to profitability," added Zetsche.  "He
has been a stabilizing influence over the last several years.  Under his
leadership, we overhauled our complete powertrain line-up and introduced some
of the most important vehicles in our company's recent history, such as the
Jeep(R) Liberty and the new Dodge Ram truck line-up.
    "In addition, quality has improved significantly; while simultaneously
costs have been reduced, proving that Rich can pay equal attention to both
sides of that equation."
    With this appointment, Ridenour also becomes a member of the Executive
Committee; Schaum's retirement is effective March 31.