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IACOCCA STEPS DOWN AS CHRYSLER DIRECTOR

 HIGHLAND PARK, Mich., Sept. 2 /PRNewswire/ -- Chrysler Corporation's (NYSE: C) Board of Directors announced today that former Chairman Lee Iacocca is stepping down as a Director and as Chairman of the Executive Committee of the Board, effective immediately.
 Mr. Iacocca, who retired as Chairman of the Board and CEO of Chrysler on Dec. 31, 1992, will remain as a consultant to the Company through 1994. Robert J. Eaton, the current Chairman and CEO of Chrysler, succeeds Mr. Iacocca as Chairman of the Board's Executive Committee.
 "Chrysler is in good hands now and has an outstanding future," Iacocca said. "Bob Eaton heads the best management team in the industry. There's a strong Board to provide guidance and strategic direction. And I'd match Chrysler's employees with anyone, anywhere. They're enthusiastic and aggressive and they're operating like a well- oiled machine. I have every confidence in their continued success.
 "Besides all that," Iacocca continued, "it's not fashionable for former CEOs to serve on the boards of their companies any more. It's been a fantastic ride but it's time to let the younger people do the driving. I said when I left the Company last year that I wanted to do some new and different things with my life and I'm eager to start doing them now."
 Mr. Iacocca joined Chrysler in November 1978, as President and Chief Operating Officer. He was elected Chairman and Chief Executive Officer on Sept. 20, 1979.
 Chrysler's Board of Directors said in a statement:
 "Lee Iacocca's leadership and drive at Chrysler are legendary. His energy and his vision led the Company through some incredibly difficult times. His business acumen and his love of the automotive business made him a spokesman for the industry worldwide while his community and civic interests made him a spokesman for Main Street USA. But perhaps his greatest tribute lies in the toughest challenge for a strong leader and that is to leave behind an organization that can excel without him. This was important to Lee and a condition that has been met in full measure.
 "We will miss his counsel on the Board but we are delighted he has agreed to continue as a consultant to the Company. On behalf of all Chrysler shareholders, employees, dealers and customers, we value his dedication to Chrysler and his friendship, and wish him well wherever the future takes him."
 In recognition of Mr. Iacocca's service to the community and to Chrysler, the Chrysler Board also announced that the Chrysler Corporation Fund is donating $1 million in his honor to support diabetes research.
 -0- 9/2/93
 /CONTACT: Bud Liebler, 313-956-3494, or Steve Harris, 313-956-3164, both of Chrysler/
 (C)


CO: Chrysler Corporation ST: Michigan IN: AUT SU: PER

ML -- DE015 -- 8375 09/02/93 11:22 EDT
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Publication:PR Newswire
Date:Sep 2, 1993
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