FRANKFURT -- Karl-Thomas Neumann will remain at the helm of Opel after PSA Group completes its takeover of the General Motors unit, PSA CEO Carlos Tavares said.
Tavares said Neumann had achieved "excellent work" at Opel and the company would have already managed a turnaround had it not been for problems arising from the UK's decision to leave the European Union, a view shared by GM CEO Mary Barra.
The three executives attended a press conference on Monday in Paris to announce an agreement for PSA to buy Opel.
Tavares has said he intends to maintain Opel's current management structure, but stressed on Monday that the automaker must continue its own push for change. "Opel's turnaround must be achieved and implemented by Opel staff and Opel management," the CEO said.
PSA has vowed to return Opel and its UK-based sister brand Vauxhall to profit with an operating margin of 2 percent within three years and 6 percent by 2026, underpinned by 1.7 billion euros in joint cost savings.
"Today is a really historic day for Opel and Vauxhall…I want to stay with Opel and make sure Opel has a great future," Neumann told reporters at the Paris press conference.
Neumann took the job of Opel CEO in January 2013, replacing interim chief Thomas Sedran.
The German-born electronics engineer was head of VW's China operations until 2012. Prior to this, he served as CEO of German supplier Continental.