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Thursday , 17 August 2017
Breaking News

Opel CEO Neumann resigns

Opel CEO Neumann is quitting his position as CEO. Karl-Thomas Neumann, 56 who transformed the carmaker’s fortune when he took over reign in March 2013 making way for finance chief Michael Lohscheller to become the next CEO.

The news comes at a time when the French Group PSA is taking over the troubled car maker valuing the GM division at 2.2 billion euros. 

“Under Neumann’s leadership we have made enormous progress in turning around Opel,” GM President Dan Ammann said. It is believed that VolksWagen, the parent company is looking to rehire Neumann to lead its Audi luxury division which is also in trouble due to emission scandals where its chief executive Rupert Stadler is under fire.

PSA wants Opel to return to lasting profit no later than 2020 and is expecting atleast 2% by then which would go up to 6% by 2020.

Neumann tweeted from his official handle saying that he will stay as member of Opel’s management board until the closing of the acquisition by PSA. He opined PSA is underestimating the growing importance of electric cars.

CFO Lohscheller is named the next Chief Executive of Opel.

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