ECONOMY

Opel CEO Neumann resigns ahead of sale to PSA Group

OPEL CEO NEUMANN RESIGNS AHEAD OF SALE TO PSA GROUP

The CEO of General Motors' Opel subsidiary is stepping down ahead of the unit's sale to France's PSA Group.

Adam Opel GmbH said in a statement Monday that Karl-Thomas Neumann would leave his post as head of GM's European carmaker 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.

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