leadership change

Opel Chief Steps Down

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Au revoir, Monsieur Neumann. Picture source: Reuters

GM’s sale of its European subsidiary Opel to French rival Peugeot-Citroen has not been completed yet, but the head of Opel, Karl-Thomas Neumann, announced his resignation.

Mr. Neumann, who has led Opel since 2013, said in a Twitter message he had stepped down with immediate effect on Monday. He will continue to be a board member at the the company until the sale to Peugeot-Citroen has been completed, which is expected later this year.

Michael Lohscheller, Opel’s chief finance officer since September 2012, succeeded Mr. Neumann with immediate effect, Opel said in a statement.

German newspaper Frankfurter Allgemeine Sonntagszeitung had reported on the pending resignation on Sunday. Mr. Neumann supported the merger, but he had doubts about whether or not the French have fully embraced his vision to shift Opel’s production completely to electric cars, the paper wrote.

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