| 12:04 AM EST

UPDATE: Opel CEO Neumann Resigns, Likely to Head VW’s Audi Unit

Opel CEO Karl-Thomas Neumann has resigned ahead of General Motors Co.’s sale of the company to PSA Group. He is expected to be named CEO of Volkswagen AG’s Audi car unit.
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Opel CEO Karl-Thomas Neumann has resigned ahead of General Motors Co.’s sale of the company to PSA Group. He is expected to be named CEO of Volkswagen AG’s Audi car unit.

Neumann, 56, had planned to advise Opel’s board about his decision at its next planned meeting on June 22. according to Germany’s Frankfurter Allgemeine, which reported the move on Sunday.

Neumann will be replace by Michael Lohscheller, who has served as Opel’s chief financial officer since July 2014, according to the company.

At Audi, Neumann would replace Rupert Stadler, who has been criticized for how he has managed Audi’s role in VW’s diesel emission scandal. Last week sources told Reuters that Stadler was given a five-year extension on his contract last month only after the supervisory board agreed he would not serve the full term.

Neumann was CEO of VW’s China operations before being shunted into a lesser post in 2012 during a management shakeup. He left VW less than a year later to become CEO of Opel and president of GM Europe. He also served as CEO at Continental AG in 2008-2009 before leaving after a failed fight to retain Conti’s independence from controlling shareholder Schaeffler AG.