Opel CEO steps aside

The CEO of General Motors’ European business has stepped down. Karl Friedrich Stracke, who was head of the loss making Opel, is moving aside despite the lack of a clear successor.

GM Vice Chairman Steve Girsky will serve as acting head of Europe for now.

Analysts said the company wanted to speed up a restructuring plan to bring the Opel and Vauxhall brands back to profitability after 12 years of losses.

German politicians are worried that following Stracke’s exit, GM could renege over guarantees made about jobs that would have prevented several plants being closed, in return for wage concessions.

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