New Opel CEO Neumann set to take helm on March 1, report says
Neumann: Early start at Opel.
HAMBURG (Reuters) -- Opel's new CEO, Karl-Thomas Neumann, will take office on March 1, four months sooner than expected, a person familiar with the matter told Reuters, confirming a magazine report.
German weekly Der Spiegel had earlier said Neumann's former employer, Volkswagen, is unexpectedly letting the manager out of his contract before it expires on June 30.
"That is correct," the source said on Sunday.
Volkswagen and Opel declined to comment.
Sources had told Reuters in November that Opel may appoint Neumann as CEO this year as parent company General Motors aims to revamp its money-losing European business.
Neumann, 51, was head of VW's China operations until last June when he was replaced by VW veteran Jochem Heizmann and not given a new role in the company.
An electronics engineer, Neumann spent part of his early career at VW and rejoined the automaker in 2009 after he had quit German supplier Continental following a power struggle with Continental's controlling shareholder, Schaeffler Group.
At Opel, Neumann will replace Thomas Sedran, the carmaker's acting CEO.
Automotive News Europe contributed to this reportContact Automotive News