FRANKFURT, Germany (AP) — Opel says CEO Karl-Friedrich Stracke has resigned as head of General Motors' struggling European business to take on special projects for GM.
Adam Opel GmbH said in a statement that GM Vice Chairman Steve Girsky would serve as acting head of GM's European operations.
GM head Dan Akerson said in a statement that the 56-year-old Stracke "worked tirelessly, under great pressure, to stabilize this business and we look forward to building on his success."
GM is in the midst of a difficult effort to turn around its money-losing Opel and Vauxhall businesses in Europe. A partnership with PSA Peugeot Citroen offers a chance for cutting costs but will not show results for several years. Meanwhile, Opel is barred for now from closing plants in Germany to cut excess capacity.
- Investment & Company Information
- General Motors