Vauxhall/Opel CEO, Dr Karl-Thomas Neumann, has stepped down from his position and will leave the company once its sale to PSA Group has completed.

Dr. Karl-Thomas Neumann (left) and the new Opel CEO, Michael Lohscheller.

Dr. Neumann will remain a board member in the interim, while the role of speaker of the management board and CEO passes to Michael Lohscheller with immediate effect. Lohscheller, appointed via a unanimous vote, has served as CFO since September 2012.

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

Posting on Twitter, he added: “Congratulations, Michael Lohscheller. Opel is getting a good CEO who knows the company perfectly. That’s the good story of the day.”

Carlos Tavares, chairman of the managing board of PSA Group, commented: “We fully support the decision to appoint Mr. Lohscheller who will be surrounded by Opel’s best talents to bring Opel/Vauxhall to new horizons for the benefit of its employees, customers and partners.

“My personal interactions with Michael have been extremely positive, where he has shown a great deal of insight of Opel and Vauxhall, as well as a solid understanding of the international marketplace. I am enthusiastic about the idea of contributing to the rebirth of Opel as a sustainable German-based company within Groupe PSA.”

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