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GM Ousts Opel Board as Losses Mount

European subsidiary expected to report $1 bil in red ink.

by on Feb.15, 2012

Opel may love autos but it isn't getting much love from parent GM.

General Motors Corp.’s year-end financial report is expected to show some very good numbers. The exception is Europe where the company’s chronic problems with its German-based Opel subsidiary remain unresolved and losses could exceed $1 billion — just as they did in 2010.

GM chairman Dan Ackerson flatly stated last summer Opel is not for sale. He also dispatched GM vice chairman Steve Girsky, perhaps his most trusted lieutenant, to Germany to fix Opel.  And the one-time auto analyst has been busy shaking things up.

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Girsky’s latest move has been to completely shake up Opel’s supervisory board which, under Germany unique corporate governance system, is responsible for hiring and firing the executives on Opel’s board of management.