FRANKFURT -- General Motors Co. said Nick Reilly, the head of its European business, will retire after 37 years with the company and will be replaced by Opel chief Karl-Friedrich Stracke.
Stracke will take over as President of GM Europe on Jan. 1 and will remain CEO of Opel, GM said on Monday. Reilly, 61, will stay on as an adviser until he retires in March.
GM attempted to sell off loss-making Opel but dropped that plan in 2009, backtracking on months of negotiations, and appointed Reilly to head the business, which lost $1.6 billion last year.
"Nick Reilly has answered the call for GM at every turn," GM Chairman and CEO Dan Akerson said in a statement.
"He returned to Europe and successfully led the turnaround of our operations there during one of the most tumultuous times in our company's history."
Before taking charge of GM Europe, Reilly was head of GM's international operations based in Shanghai. A Welshman, he is a former managing director of Vauxhall who joined GM in 1975 with the former Detroit Diesel Allison Division in the UK.