Chrysler Group Announces New Controller - Donlon to Retire; Olsen from DaimlerChrysler Services Named

- Olsen joined Chrysler Corporation in 1982

- Currently CFO with DaimlerChrysler Services - company's financial arm

- Donlon retires after 25 years

AUBURN HILLS, Mich., Nov. 26 -- Chrysler Group today announced the appointment of David H. Olsen, 49, as its new controller, replacing James D. Donlon III, who has announced his intention to retire on Dec. 31, 2003, after 25 years with the company.

Currently with DaimlerChrysler Services in Farmington Hills, Michigan, the company's financial arm, Olsen succeeds Donlon as Senior Vice President - Controlling Chrysler. With that position, he also becomes a member of the Chrysler Group Executive Committee.

Olsen had been Vice President and Chief Financial Officer of DaimlerChrysler Services North America since August 2000. As with Donlon, Olsen will report to Manfred Gentz, Executive Vice President and Member of the Board of Management of DaimlerChrysler AG - Finance & Controlling. Olsen will have operating responsibility to Dieter Zetsche, President and Chief Executive Officer - Chrysler Group, and a Member of the Board of Management of DaimlerChrysler AG.

"It is becoming increasingly clear in the auto industry that great products and great financing go hand in hand," said Zetsche. "David's financial services background is a critical prerequisite to understanding and leading a Controller's organization of a global auto company."

Olsen joined DaimlerChrysler in 1982. Since then, he has held a series of positions within the Finance and Controller organizations at both the Chrysler Group and DaimlerChrysler Services. Olsen has experience in the Treasury and capital markets areas, in addition to assignments in product controlling and operational controlling.

Born in Texas and raised in Utah, he holds degrees from Brigham Young University, including a master's degree in finance and a law degree.

Donlon, 57, began his career at Chrysler Corporation in 1979. During his 25-year career at Chrysler Group, he held a number of critical senior management positions within the Finance organization. In addition, he was one of the first American executives to accept a position in Germany shortly after the merger of Chrysler and Daimler-Benz in 1998.

He played a key role in the turnaround of Chrysler Group, added Gentz. "Jim Donlon leaves Chrysler Group after overseeing the financial aspects of the overhaul of the company's cost structure," said Gentz. "That was an important phase in Chrysler Group's history, and the company is now ready for its most ambitious product launch ever."

Chrysler Group is poised to introduce nine all-new products in 2004, and over the next three years will have brought 25 new products to market at Dodge, Chrysler and Jeep(R) dealerships.