Opel CEO Karl-Thomas Neumann has stepped down in the runup to his company’s takeover by France’s PSA Group. He will be succeeded by Opel CFO Michael Lohscheller.
Opel, the German brand that is owned by General Motors, is in the process of being sold to PSA. The two carmakers are expected to agree on final terms sometime in the next few months.
“It was a difficult personal decision to not continue with the Opel/Vauxhall team when it transitions to Groupe PSA,” Neumann said in a press statement. He added that he has “no doubt that the move to PSA will make Opel/Vauxhall an even stronger and more successful company in the future.
Neumann said he will continue as a member of Opel’s management board until the sale to PSA is finalized.