Neumann was previously head of VW's China operations
12 June, 2017, 22:18
Opel said in a statement Monday that Neumann was leaving his post as CEO immediately but would remain a member of top Opel management until the sale goes through.
Some rumors have placed Dr. Karl-Thomas Neumann as a potential leader in the organization of Opel's competitor, Volkswagen AG, but official sources have not confirmed or commented on the topic.
Posting on Twitter, he added: "Congratulations, Michael Lohscheller".
Dr. Karl-Thomas Neumann (left) and the new Opel CEO, Michael Lohscheller.
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".
FRANKFURT, Germany (AP) - The CEO of General Motors' European subsidiary, Opel, is stepping down ahead of the money-losing unit's sale to France's PSA Group.
Neumann has a history with the Volkswagen Group, a place where he formerly conducted operations in China and various other markets.
General Motors Co.'s European unit Opel appointed a new chief executive as Peugeot gets set to complete its more than $2 billion acquisition of the perennially money-losing auto maker. The deal will make PSA, which makes Peugeot and Citroen cars, the No. 2 European automaker after Volkswagen.
"We will stay on the current path and continue to gain strength as part of the Groupe PSA", Lohscheller said.
German weekly the Frankfurter Allgemeine Sonntagszeitung reported Sunday that while Neumann backed Opel's tie-up with PSA, he was concerned that the French firm was not as whole-hearted about electric vehicles as himself, and that the new management would centralise all decision-making in Paris.
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