Effective March 1, Karl-Thomas Neumann will start holding office as Opel's new CEO, a source confirmed to Reuters. He replaces Thomas Sedran, Opel’s acting CEO. This is four months earlier than expected. It confirms a report from German weekly Der Spiegel that Volkswagen, Neumann’s previous employer, is permitting the manager to get out of his contract before the expiration of his contract on June 30.
Volkswagen and Opel are both not commenting on this report. Last November, sources told Reuters that Neumann may be appointed by Opel as its CEO this year as General Motors, the parent of Opel, seeks to revamp its struggling European business. Until last June, Neumann served as the head of VW's China operations.
VW veteran Jochem Heizmann replaced Neumann, who wasn’t given a new role in the company. Neumann, who is now 51 years, is an electronics engineer. He worked at VW early in his career and came back to the German automaker in 2009 after he left German supplier Continental after getting into a power struggle with Schaeffler Group, Continental's controlling shareholder.