The chief executive of German carmaker Opel stepped down Monday, the firm said, but will remain on the board until the group's takeover by France's Peugeot is completed. Finance chief Michael Lohscheller will take over from Karl-Thomas Neumann as "spokesman" of the board at the General Motors subsidiary from Monday, Opel said in a statement. The move "will secure continuity for the business and for all stakeholders in the carmaker - as well as a seamless transfer of the firm to [Peugeot parent] PSA," the group said.
French manufacturer PSA - which also owns Citroen and DS - agreed in early March to pay some 1.3 billion euros ($1.46 billion) for Opel, a storied German firm owned by GM for decades, as well its British subsidiary Vauxhall.
A former Volkswagen and Continental man highly regarded in the German auto sector, Neumann took the reins in 2013. But despite the progress Neumann made in winding down overcapacity and improving the brand's image, Opel/Vauxhall continued to book heavy losses under his leadership. Opel has lost around $15 billion since 2000, most recently ending 2016 with $257 million in the red.