David H. Olsen

Auburn Hills, Mich. -Chrysler Group 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."

James D. Donlon III

Photos: DC

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.

(Nov 26, 2003)