Hi-Tech

Opel CEO Neumann resigns ahead of sale to PSA Group

Opel CEO Neumann resigns ahead of sale to PSA Group

Karl-Thomas Neumann has stepped down as the Speaker of the Management Board and CEO of Adam Opel GmbH today.

General Motors' GM.N European division Opel is losing its top executive just as it prepares to be acquired by France's PSA Group PEUP.PA , a move that could see the former Volkswagen VOWG_p.DE manager rejoin the German behemoth.

Carlos Tavares, chairman of the managing board of PSA Group, commented: "We fully support the decision to appoint Mr. Lohscheller who will be surrounded by Opel's best talents to bring Opel/Vauxhall to new horizons for the benefit of its employees, customers and partners". Neumann was immediately replaced by chief financial officer Michael Lohscheller. He will remain a member of the board until after General Motors' sale of Opel to French auto giant PSA Group is completed. Neumann worked for the VW Group prior to joining Opel; he was in charge of the Volkswagen brand's operations in China but was demoted in a management reshuffle.

Vauxhall/Opel said his appointment would "ensure continuity for the business and its stakeholders as well as a seamless managerial transition with the priority task to build the new strategic plan for Opel".




Opel's Neumann in 2013 joined GM to lead the U.S. carmaker's European operations, which include the Vauxhall brand, after losing out in a management reshuffle at Volkswagen. The deal will make PSA, which makes Peugeot and Citroen cars, the No. 2 European automaker after Volkswagen.

Dr. Neumann stated that it was hard for him to make the decision to step down from the highest position in the Opel/Vauxhall corporate tree, and he also explained that he would leave once the transition to Groupe PSA is concluded.

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According to Reuters, German newspaper Frankfurter Allgemeine Sonntagszeitung (FAS) reported the development at the weekend.


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