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Former president Jim Press is retained as deputy CEO

The restructured Chrysler Group has made its first major appointment - by retaining the failed company's former president, Jim Press.

Sergio Marchionne, the Fiat boss who now heads the reborn Chrysler announced that Press would stay on as deputy CEO as the company emerged from court protection.

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Press joined Chrysler from Toyota in 2007, and is highly regarded within the car industry.

Marchionne said Press will "assist the new company in transition" and will be "instrumental in the restructuring of the Chrysler Group LLC."

Press will report directly to Marchionne.

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