Automaker General Motors Co. (MTLQQ.PK) on Tuesday named David Reilly, GM's executive vice president and president of international operations, to immediately succeed Carl-Peter Forster on an interim basis as Opel/Vauxhall Europe Head. Meanwhile, GM would launch an external search for a new chief executive officer, with Forster advising the company during the transition.
The company also announced that Hans Demant, GM Europe vice president engineering, and managing director Adam Opel GmbH, would be retained in his role of leading the Opel Management Board and will work with Reilly in the transition.
Forster left as he was reportedly upset over GM's decision to retain its troubled European operations, after it had agreed to sell a majority stake to a consortium led by Canadian car-parts maker Magna International, Inc. (MGA, MG.A.TO) in early September.
In a statement, GM President and Chief Executive Officer Fritz Henderson said, "As we announced last Tuesday, Opel/Vauxhall will remain a fully integrated member of the New GM family, a decision that is in the best interests of Opel/Vauxhall, its customers, employees, other stakeholders and GM. With his deep experience with the Opel and Vauxhall brands, Nick is well suited to lead this transition and to work toward the earliest possible normalization of the business."
In his new role, Reilly, with extensive prior experience in Europe with the Opel and Vauxhall brands, will support the European leadership team in running the business and will oversee the creation of a strategy to position Opel/Vauxhall for long-term success.
Reilly, who has held his most recent positions since July 10, 2009, is based out of Shanghai, China, and he is also the chairman of both the GM Daewoo Auto and Technology Company (GMDAT) and Shanghai GM (SGM). Since July 2006, Reilly also served as GM group vice president and president of GM Asia Pacific.
Reilly began his career at GM in 1975 with the former Detroit Diesel Allison Division in the U.K. From 1978 to 1984, he held various assignments with General Motors in Belgium, the U.S., and Mexico.
GM had noted earlier that it will work with Opel leadership, in consultation with representatives of the European Employees Forum, in moving forward with a plan that will build a strong and enduring future for the Opel/Vauxhall brands.
Detroit, Michigan-based car maker GM, which emerged from bankruptcy in July, had announced last week that the board has decided to retain its German unit Adam Opel GmbH and British sister brand Vauxhall, citing the improving business environment as well as the brands importance to GM's global strategy.
The company added that new GM would instead initiate a restructuring of its European operations, which could see total restructuring expenses of about 3 billion euros and a loss of about 10,000 jobs, or a fifth of the workforce. GM had noted that the restructuring cost is significantly lower than the bids received for the two brands.
In early September, GM agreed to sell its majority stake in Opel and Vauxhall to a consortium led by Magna International. Magna teamed up with Russian auto maker OAO GAZ Group and state-controlled Russian financial group OAO Sberbank for the deal. The deal was originally expected to be signed in early October and close by the end of November. The German government has helped Magna to win the bid by offering 4.5 billion euros or US$6.4 billion in state aid.
MTLQQ.PK closed Tuesday's regular trading session at $0.575, down $0.008 or 1.37% on a volume of 2.64 million shares, sharply lower than the three-month average volume of 10.25 million shares.
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