We won’t have a clear picture of what the sale of Opel and Vauxhall truly means for General Motors, their new owners PSA Groupe and the industry as a whole until the end of this year. However, PSA Groupe has already begun making some changes while GM clings onto a few final threads.
According to Automotive News, General Motors plans to pay out large bonuses to Opel senior executives following the sale of the company to PSA Groupe. The report states the top nine managers at Opel may be in for a collective sum of around €20 million ($21.5 million) to €30 million ($32.2 million) in bonuses. These bonuses will also reportedly be paid out whether executives stay onboard at Opel or leave the company.
Speaking of leaving the company, the same report calls current Opel CEO Dr. Karl-Thomas Neumann’s tenure into question. Most recently, PSA CEO Carlos Tavares said he plans to keep Opel’s existing management structure in place and let the brand operate without much micromanaging. Neumann also stated the acquisition was a chance to “start a new and successful chapter” in Opel’s history.
But, the Opel chief has been divesting some of his GM shares over the past few weeks, valued at $4.1 million. The move has some wondering if Neumann plans to stay onboard or potentially seek out new opportunity after his stint with Opel. Neumann became CEO in 2013 and has been Chairman of the Management Board of Opel Group since 2014.