Opel affected by financial crisis

It seems that the new CEO of Opel is now Nick Reilly, which also was the president of GM Europe. The former Opel CEO, Hans Demant, is now vice president of global intellectual property for General Motors.
Other changes were made in Opel’s staff : Rita Forst is now the European vice president of engineering for GM and Mark James, CFO at GM Daewoo, is now CFO at Opel.

“Together with this highly capable and experienced team as well as our various country leaders, we will very quickly take the next steps in moving Opel and Vauxhall forward,” said Reilly

The mos important announce made by Opel’s board members was that in the near future they will initiate a severe restructuring plan at GM’s European division. The appointment of Reilly comes as no surprise as GM’s struggling German automaker tries to get its feet planted. Moreover, while reorganization, rumors say approximately 8000 Opel workers may be displaced. Consequently, Opel needs about $4 billion in German state aid, so that they can have profitability.


Image source: automobilemag.com