Opel CEO Neumann resigns; will be replaced by finance chief Lohscheller

BERLIN — The CEO of General Motors’ European Opel division, Karl-Thomas Neumann, has resigned in advance of Opel’s sale to France’s PSA Group. Finance chief Michael Lohscheller will be Neumann’s successor.

Neumann will stay as member of Opel’s management board until the closing of PSA Peugeot Citroen’s purchase of the GM division, the CEO said on Twitter. 

“We fully support the decision to appoint Mr. Lohscheller who will be surrounded by Opel’s best talents to bring Opel / Vauxhall to new horizons for the benefit of its employees, customers and partners. My personal interactions with Michael have been extremely positive, where he has shown a great deal of insight of Opel and Vauxhall, as well as a solid understanding of the international marketplace.

“I am enthusiastic about the idea of contributing to the rebirth of Opel as a sustainable German-based company within Groupe PSA.”

Neumann, 56, previously ran Volkswagen’s operations in China and, in former roles, was in charge of VW’s electric-car business and chief executive of German auto parts and tire maker Continental.

VW is looking at rehiring Neumann, possibly to lead its Audi luxury brand, where CEO Rupert Stadler has come under fire, a source told Reuters on Sunday.

“Under Neumann’s leadership we have made enormous progress in turning around Opel,” GM President Dan Ammann said in an emailed statement. GM’s European operations also include the Vauxhall brand.