Reilly recently stepped down from his position with Opel and will retire from GM early next year, leaving as the German automaker struggles to produce consistent earnings. The Detroit News points out that the company posted a loss in the last quarter after turning two quarters of profit. GM CEO Dan Akerson is quoted as saying that with Girsky on point at Opel, shareholders can expect the brand to return to "sustainable profitability."
No pressure, Girsky.
Earlier, Akerson warned that the European auto market may be headed for a deeper economic downturn, and that the implosion may have widespread repercussions. Girsky does seem to have a plan for Opel, however, saying that he intends to optimize the company's cost structure, improve its margins and better leverage GM's scale to the company's benefit. Hit the jump for the press release.
* GM reinforces commitment to Opel/Vauxhall with appointments of Ammann and Lee to Supervisory Board
* Focus on returning GM's European Operations to sustainable profitability
DETROIT - General Motors Vice Chairman Stephen Girsky has been named Chairman of the Supervisory Board, Adam Opel AG, effective immediately. He replaces Nick Reilly, who resigned from the board as a member and chairman. Reilly recently announced that he has elected to retire from GM in March 2012.
"With Steve Girsky as Chairman of the Board and Karl Friedrich Stracke as President of GM Europe and CEO of Opel/Vauxhall, GM has two highly experienced leaders to take Opel to the next level," said GM Chairman and CEO Dan Akerson. "They will build on the hard work that's been done under Nick Reilly's leadership to return our European operations to sustainable profitability."
Girsky added: "GM is committed to Opel and wants the brand to grow in a profitable way. To realize Opel's full potential, we will continue to optimize its cost structure, improve margins and better leverage GM's scale."
Supporting these efforts are the appointments to the Opel Supervisory Board of GM Chief Financial Officer Dan Ammann and GM International Operations President Tim Lee. Girsky has served as a member of the Opel Supervisory Board since January 2010.
General Motors Co. (NYSE:GM, TSX: GMM) and its partners produce vehicles in 30 countries, and the company has leadership positions in the world's largest and fastest-growing automotive markets. GM's brands include Chevrolet and Cadillac, as well as Baojun, Buick, GMC, Holden, Isuzu, Jiefang, Opel, Vauxhall and Wuling. More information on the company and its subsidiaries, including OnStar, a global leader in vehicle safety, security and information services, can be found at http://www.gm.com.