General Motors announced today that it has elected Dr. Karl-Thomas Neumann to serve as Chairman of Adam Opel AG, as well as President of GM Europe and GM Vice President .
Opel has been a drain on GM's resources in recent years, and the abrupt departure of its CEO last July left the auto company's turnaround plans in limbo . Last year, vehicle deliveries for Opel and Vauxhall (its U.K. sister brand) fell 16%, to 835,000 .
Opel Supervisory Board Chairman Steve Girsky said in a statement:
Dr. Neumann has in-depth knowledge of the automotive industry. He has a proven track record in growing business in a profitable way as well as in turnarounds. He will add significant strength to the Management Board and will be instrumental in leading the company on a turnaround path that will be counted among Europe's most successful.
The 51-year-old executive comes from Volkswagen, where he had worked since 1999. For the past two and a half years, Dr. Neumann served as CEO and Vice President of Volkswagen China.
In a statement today, Dr. Neumann seems ready for the task:
I'm aware that this will be a challenging job, but I'm convinced that together with my leadership team and employees, we will turn around the company.
It's true that decades of mismanagement of General Motors led to a painful bankruptcy in 2009, but it emerged a leaner, stronger company. GM's turnaround, however, is still a work in progress. Investors around the world are wondering if GM has what it takes to reclaim its former glory. John Rosevear has put together a brand-new premium research report telling you what you need to know about GM and its turnaround. If you own, or are thinking about owning, GM, then you don't want to miss this report. Click here now to get started.
The article GM Hires VW China Exec to Turn Opel Around originally appeared on Fool.com.Fool contributor Justin Loiseau has no position in any stocks mentioned. You can follow him on Twitter @TMFJLo and on Motley Fool CAPS @TMFJLo. The Motley Fool recommends General Motors. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
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