Opel CEO Nick Reilly today named a new member to Opel management. Effective February 1, Volker Hoff has been appointed Vice President, Government Affairs, for Opel.
In this capacity, Hoff will report to Reilly and succeed Tayce Wakefield who is retiring from the company.
GM at the beginning of this year transferred to Opel another €650 million (~$930 million) in cash by prepaying its loss-making subsidiary for upcoming engineering services.
The money is needed to keep Opel afloat while GM continues its quest for European government financing to restructure Opel/Vauxhall. (more…)