Opel CEO Michael Lohscheller

OPEL CEO Karl-Thomas Neumann has stepped down from his role just three months after the company, and its UK sister brand Vauxhall, were sold by General Motors to France’s PSA Group for $2.2 billion.

Dr Neumann will retain his position as a member of the board of management until the closing of the sale to PSA, but will relinquish the CEO role that he has held since March 2013.

Replacing Dr Neumann will be Michael Lohscheller, who has held the role of Opel’s chief financial officer since September 2012.

Opel said in a statement that Mr Lohscheller was unanimously appointed as Dr Neumann’s successor with immediate effect by the supervisory board, and that the change at the top would “ensure continuity for the business and its stakeholders as well as a seamless managerial transition with the priority task to build the new strategic plan for Opel”.

Dr Neumann said in a press release that he was unsure what his moves were following his departure from Opel.

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

Dr Neumann was previously CEO and vice-president of Volkswagen Group China from September 2010 to August 2012, and some reports have suggested that he could return to work for his former employer once he finishes with Opel.

A trained electrical engineer, he joined VW in 1999 as head of group research and director of electronic strategy, before joining German tyre supplier Continental’s automotive systems division in 2004. He was appointed chairman of Continental in 2008.

In December 2009, Mr Neumann returned to Volkswagen Group as chief officer for electric traction before taking up his China role.

“We have made tremendous progress in the turnaround of Opel/Vauxhall under Karl-Thomas’ leadership,” Opel supervisory board chairman and president of General Motors, Dan Ammann, said. “We thank him for his significant contributions to Opel/Vauxhall and GM over the past four years.”

Handing over: Karl-Thomas Neumann (left) congratulates incoming Opel CEO Michael Lohscheller on the new role.

Dr Neumann took over as CEO of Opel during a period of upheaval and was charged with turning around the fortunes of the German brand, which until his arrival had racked up losses of $14 billion over the previous 12 years.

Vice-chairman of the supervisory board of Adam Opel GmbH and head of the general works council, Wolfgang Schafer-Klug, credited Dr Neumann with restoring the 155-year-old car-maker’s reputation.

“The worker representatives within the Supervisory Board respect Dr Neumann’s decision,” he said. “He has managed to regain recognition with Opel, an improved brand image and a strengthened self-awareness, coupled with competitive, outstanding models. The decision to appoint the current CFO and member of the management board Michael Lohscheller as the new CEO is explicitly supported by us.”

Prior to staring with Opel in 2012, Mr Lohscheller was the executive vice-president and CFO of Volkswagen Group of America from early 2008 to August 2012, and from 2004 to 2007 was the head of corporate marketing and sales at Volkswagen AG.

He also held the CFO and executive vice-president roles at Mitsubishi Motors Europe from 2001 to 2004 after spending a year with Daimler Chrysler Rail.

PSA Group chairman of the managing board Carlos Tavares said he supported the new appointment as the company transitions from a GM-owned brand into the Peugeot-Citroen fold.

“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,” he said.

“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.”

By Tim Nicholson