Karl-Friedrich Stracke, pharmacy Opel/Vauxhall CEO and president of GM Europe, cheap resigned from his position today, July 13th.
His position was taken by GM Vice Chairman Steve Girsky has been who was appointed to lead GM’s European operations until a replacement is found. Adam Opel AG’s board will soon made a decision to appoint an interim chairman as a replacement for Girsky on the management board. Karl-Friedrich Stracke resigned to take on ‘special assignments’ for General Motors, where he will report directly to Dan Akerson.
“I am leaving my current position knowing that Opel/Vauxhall has a bright future,” Stracke said in a release. “And I look forward to taking on new challenges for GM and Dan Akerson.”
GM faces some really troubled times, after it lost $582 million in the first three quarters of 2011, and $1.76 billion in 2010. Since 1999 GM Europe lost a total of $14.7 billion. If Opel’s operations continue to get negative numbers, GM’s U.S. operations will also be affected. At this point GM has to decide on whether to stick with Opel in its attempt to get back on the track or focus on its home market.