Report: Opel CEO to step down once sale to PSA completed

Markets Associated Press

The chief executive of German automaker Opel reportedly plans to step down from his post once the General Motors subsidiary's sale to PSA Peugeot-Citroen has been completed.

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German weekly Frankfurter Allgemeine Sonntagszeitung reports that Karl-Thomas Neumann intends to inform Opel's board of directors at its next meeting on June 22.

Opel spokesman Michael Goentgens declined Saturday to comment on what he called "speculation."

General Motors announced in March that it would sell Opel and British brand Vauxhall to PSA of France in a deal worth 2.2 billion euros ($2.46 billion).