The Chrysler Group announced 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 demostrates 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® 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.