Mike Manley, Jeep's global brand chief said that both newcomers present big opportunities for the iconic brand.
He said: "The B SUV segment is going to continue to grow over the next few years particularly in Europe and Asia and a product in this segment will also help us meet our targets to reduce weight and emissions."
The small Jeep, for which the company has yet to confirm a name - although Jeepster is a favourite among some pundits - will be based on a platform jointly develop with partner Fiat.
Manley said: "The vehicles we develop of this platform will have their own distinct identity. It is important that we maintain the Jeep DNA."
At the top end, the Grand Wagoneer will arrive by 2014 or 2015 with the US and the Middle East as its number one market.
Manley added: "The premium market for SUVs is still extremely important in the US and we need to take Jeep back into that segment. We will be working hard to make sure this can compete with the best in terms of engines, ride and handling as well as interiors.
"We will sell it in Europe although we have not decided on right hand drive production as yet."