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Opel CEO Resigns Ahead Of PSA Deal

Opel CEO Karl-Thomas Neumann has resigned as the company and sister brand Vauxhall prepare for takeover by France's Groupe PSA. The German has been linked with a move from Opel to Audi, which would see the former Volkswagen Group manager 


Opel CEO Karl-Thomas Neumann has resigned as the company and sister brand Vauxhall prepare for takeover by France's Groupe PSA.

The German has been linked with a move from Opel to Audi, which would see the former Volkswagen Group manager return to his former employer.

Neumann, 56, who has restored Opel's image and reputation since taking the helm in March 2013, resigned this week making way for finance chief Michael Lohscheller to become the next CEO of the 155-year-old carmaker.

German-based Opel will be pressed by its new owners PSA to draw up a plan to return to profit once the acquisition, agreed in March valuing the GM division at 2.2 billion euros ($2.46 billion), closes later this year.

"Under Neumann's leadership we have made enormous progress in turning around Opel," GM President Dan Ammann said.

Audi chief executive Rupert Stadler has come under fire for his handling of the emissions scandal, a source told Reuters on Sunday, and the Volkswagen Group is reportedly looking at rehiring Neumann to lead the Audi luxury division.

A growing expansion by the Volkswagen Group into electric cars and digital services as part of a post-dieselgate strategic shift could be another reason to join for Neumann, a trained electronic engineer, analysts said.

Volkswagen

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