As the Opel and Vauxhall brands begin their transition to new management as a subsidiary of the PSA Group (Peugeot, Citroen, DS) following a deal that closed earlier this year, Karl-Thomas Neumann has stepped down as CEO of Adam Opel GmbH, handing duties to his successor and former Opel CFO, Michael Lohscheller.
One of the oldest automakers in history, the German-based company was formerly under GM ownership since 1929 but has been around since 1862, originally founded to manufacture sewing machines until 1899 when it shifted to bicycles and automobiles.
“It was a difficult personal decision to not continue with the Opel/Vauxhall team when it transitions to Groupe PSA. 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,” he said.
Neumann was hired away from Volkswagen to helm Opel back in 2013, since then has managed to quite dramatically transform the company’s financial and public standing as well of that within the industry. It was a valiant effort, but that turnaround hadn’t had a chance to reach fully blossom as Opel continued to disappoint as a contributor to GM’s bottom line.
Their new benefactors have big plans for the marque under PSA Group CEO Carlos Tavares, and it will be up to the Lohscheller and their French overseers to properly execute on an expansion plan that is expected to return Opel to lasting profit no later than 2020.
Meanwhile, it’s speculated that the Volkswagen Group is interested in bringing Neumann back into their fold, possibly to head up their recently embattled Audi subsidiary, whose current CEO Rupert Stadler is rumoured to be on the way out following negative ties to his handling of the Dieselgate emissions scandal.
PSA assures that the supply of German-engineered Opel cars to various manufacturers around the world will carry on uninterrupted, our own Holden Astra and forthcoming Holden Commodore as an example, the latter of which is also used in North America as the badge-engineered Chevrolet Malibu and Buick Regal.
For more on Peugeot, Citroen, and Holden vehicles, including pricing and specifications, check out our Showroom.
