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.
Adam Opel GmbH said in a statement Monday that Karl-Thomas Neumann is leaving his post as CEO immediately. He will remain a member of top Opel management until the sale to PSA Group goes through.
Neumann was replaced by chief financial officer Michael Lohscheller.
The company said Lohscheller's appointment would "ensure continuity" and a "seamless managerial transition" as Opel builds a new strategic plan for its future under PSA Group ownership.
General Motors announced in March it would unload Opel and its Vauxhall brand for $2.3 billion after losing money in Europe for years. The deal will make PSA, which makes Peugeot and Citroen cars, the No. 2 European automaker after Volkswagen.
"It was a difficult personal decision not to continue with the Opel/Vauxhall team when it transitions to Groupe PSA," Neumann said in the company statement. "I am committed to completing this transaction and will then take some time to decide what is next for me."
German weekly Frankfurter Allgemeine Sonntagszeitung reported on Saturday that Neumann was leaving.
