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Pride goes before a fall, they say, and the story of Jim Press is a case in point, according to Automotive News.

The former Chrysler and Toyota executive is looking for a job and in hock for more than $1 million in personal loans.

It was not always so. Press was an icon in the auto industry having spent nearly 40 years helping build up Toyota in North America. But he had been sidelined at Toyota after he offended the company's team-first culture by divorcing his wife of many decades and marrying a younger woman, according to the News.

He had been casting about for a new job and two years ago was hired by Chrysler, which was then owned by Cerberus, to be a co-president with Tom LaSorda. But he never bonded with controversial Chrysler chairman Bob Nardelli and proved unable to regenerate the magic he had spun at Toyota.

Circumstances certainly conspired against him.

He initially vowed not to fall into the Detroit 3's traditional "push" model of building too many vehicles and then pushing them off the lots with incentives and discounts, the News said.

However, Chrysler was struggling following its brief marriage to Daimler. In addition, storm clouds were brewing throughout the industry.

The trouble started when gas prices soared last year and Chrysler's had few fuel efficient vehicles in its lineup.

Chrysler dealers had initially been overjoyed by the addition of such an industry legend. But they started to sour on him after he urged them to encourage potential customers to sell their big SUVs and pickups privately rather than trade them in, according to Automotive News. Press argued Chrysler did not want its lots lumbered with so many gas guzzlers.

Press followed that PR disaster with increasing calls to dealers to order more vehicles. One dealer said each call revealed an increasing level of desperation, especially as the crisis of higher fuel prices was compounded by the financial meltdown at the end of last year.

Chrysler's desperation escalated to the point that Press was perceived to be threatening dealers.

"If you decide not to (buy more vehicles), we've got a good memory of who helped this company make it," Automotive News quoted Press as saying.

It said Press apologized for his comments but for many dealers it was too late. "The way dealers lost trust in Jim Press, they just lost it all at once," one dealer said.

When Chrysler did finally go under, it announced the immediate closure of nearly 800 dealerships.

As one dealer noted, having urged the dealerships to save the company by buying more vehicles, Press turned around during the bailout and testified that 789 needed to be closed because they were a liability.

Now Chrysler is part of the Fiat Group and Press is looking for a new job. His personal finances are a shambles because anticipated bonuses did not materialize, according to the News.

"Chrysler's one-time savior is out of action," the News said.

Peter C.T. Elsworth

 Tags  Automotive News Chrysler Jim Press Toyota

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