Opel boss steps down amid PSA takeover

Opel chief executive Karl-Thomas Neumann has resigned from his post, effective immediately.

The German car maker’s boss has tendered his resignation overnight as Opel automotive giant PSA, the parent company of Peugeot, Citroen and DS, completes its takeover of the Opel brand.

Neumann, who has been a central figure in the development of Holden’s next-generation, imported Commodore, will purportedly move aside to ensure a “seamless managerial transition with the priority task to build the new strategic plan for Opel”.

Michael Lohscheller has been announced as Neumann’s replacement. He was formerly the chief financial officer at Opel.

“It was a difficult personal decision to not continue with the Opel/Vauxhall team when it transitions to Groupe PSA,” Neumann said of his resignation.

“I am proud of the team for all we have accomplished so far and have no doubt that the move to PSA will make Opel/Vauxhall an even stronger and more successful company in the future. I am committed to completing this transaction and will then take some time to decide what is next for me.”

According to Reuters, Neumann is now in the running for a senior position at Audi.

The shake-up comes as PSA continues its takeover of the Opel brand.

PSA will purchase the GM brands and GM Financial’s European operations in a deal which values the entities at €1.3b and €0.9b respectively. The deal will be completed in the last quarter of 2017.

European sources have suggested PSA will pay around half of the sum (approximately $A3.1b) in cash and the rest in shares. The deal catapults PSA to the number two position in Europe behind Volkswagen with around 17% market share.

Holden says Aussie new car buyers and its existing model cycle-plan will not be affected.