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Opel CEO Karl-Thomas Neumann Resigns

Motor Trend logo Motor Trend 6/12/2017 Motor Trend Staff
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Today, Opel announced that CEO Karl-Thomas Neumann has resigned and will be replaced by CFO Michael Lohscheller. The move takes effect immediately.

Neumann will remain on the board of management until PSA Group completes the buyout of Opel. In March, General Motors announced it would sell its Opel and Vauxhall brands to the French automaker in a deal worth $2.3 billion.

"It was a difficult personal decision to not continue with the Opel/Vauxhall team when it transitions to Groupe PSA," Neumann said in a statement. "I am proud of the team for all we have accomplished so far and have no doubt that the move to PSA will make Opel/Vauxhall an even stronger and more successful company in the future. I am committed to completing this transaction and will then take some time to decide what is next for me."

© Motor Trend Staff

Neumann has led Opel since 2013. Before that gig, he held a number of management positions at Volkswagen AG beginning in 1999 as head of research and director of Electronics Strategy. From 2010 to 2012, he served as CEO and vice president of Volkswagen Group China in Beijing.

Rumors say that Neumann might head back to Volkswagen and help lead the company's turnaround process. Citing an unnamed source, Reuters says VW might recruit Neumann to lead its Audi division.

Now, new CEO Lohscheller will face the daunting task of reviving the Opel brand under new ownership. Incidentally, Lohscheller also hails from Volkswagen, having served as executive vice president and CFO of Volkswagen Group of America before joining Opel. In this role, he helped the automaker achieve increased profits in the region.

Source: Opel, Reuters

opel-astra-opc-extreme-concept-badge-6© Motor Trend Staff opel-astra-opc-extreme-concept-badge-6
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