(RTTNews) -
Friday, just days after automaker General Motors Co. (MTLQQ.PK:
News ) announced its surprise pull out from the Opel/Vauxhall deal, Group Vice President and President of Opel Europe Carl-Peter Forster is leaving his role as head of European operations. Forster is 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.
Forster has agreed to advise the company during the transition to find a new chief executive officer, with GM initiating an immediate external search. Forster is reportedly expected to be succeeded on an interim basis by David Reilly, GM's executive vice president and president of international operations. GM's Vice Chairman, Marketing and Communications Robert Lutz is also reportedly being made chairman of Opel's supervisory board while the automaker looks for the new Opel chief executive officer.
Forster has held his most recent positions since June 2004. He has also been chairman of the Opel Supervisory Board since June 2004 and chairman of Saab since April, 2005. Forster started his career in 1982 as a consultant for McKinsey & Co. in Munich. In 1986, he joined BMW where he held various leadership positions before becoming managing director of BMW South Africa in 1996 and the board member responsible for all vehicle development projects in 1999.
Prior to being appointed president of GM Europe and chairman of the Opel Supervisory Board, Forster was chairman and managing director of Adam Opel from April 2001. In his three years in that position, Forster initiated far-reaching restructuring programs and a major product offensive focusing on innovative design and industry-leading build quality.
GM said 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.
In a statement, GM President and Chief Executive Officer Fritz Henderson said, "The Opel brand has made tremendous progress under Carl-Peter's tenure and leadership over the past several years. We thank him for his significant accomplishments and wish him only the best in the future. In the meantime, we're confident that the key personnel leading Opel will stay focused on running the business during this time of transition."
The company added that it expects to finalize proposals for establishing Opel/Vauxhall's future next week and will be engaging all stakeholders to work together in achieving mutual goals. Meanwhile, GM noted that no other management changes to the Opel Europe organization are being considered at this time. GM reportedly said Thursday that it planned to repay the balance of a 1.5 billion euros or US$2.2 billion bridge loan by the end of November, that was received from the German government for Opel.
| | To receive FREE breaking news email alerts for Motors Liquidation Co. and others in your portfolio |
|
1
2
Next Page