The CEO of Opel is Expected to Step Down after the Sale to PSA is Completed

The chief executive of German based automaker Opel is preparing to step down from his post after the General Motors subsidiary’s sale to PSA Peugeot Citroen has been finalized.

German weekly Frankfurter Allgemeine Sonntagszeitung reports that Karl Thomas Neumann is planning to give the information to Opel’s board of directors during their next sit down on June 22.

Michael Goentgens, Opel’s spokesperson denied providing more information on Saturday, calling it a “speculation.”

Last March, it was announced by General Motors that it would sell Opel and British brand Vauxhall to PSA of France in a deal worth 2.2 billion euros.