Opel CEO to resign after company is sold to Peugeot

FILE PHOTO: Karl-Thomas Neumann, chief executive of Adam Opel AG, gives a speech during a ceremony as the 3rd million car produced at the Opel plant is presented in Eisenach, April 23, 2014. REUTERS/Fabrizio Bensch/File Photo

BERLIN: The chief executive of General Motors’ European arm Opel, Karl-Thomas Neumann (pic), plans to resign as GM prepares to sell the business to France’s PSA Group, German newspaper Frankfurter Allgemeine Sonntagszeitung (FAS) reported.

Without citing its sources, the newspaper said that while Neumann sees the sale to PSA as the right strategic step, he is concerned that the new owner is underestimating the growing importance of electric cars.