Nick Reilly in Charge of Opel/Vauxhall

General Motors has just announced that Nick Reilly, currently working as executive vice president and president, GM International Operations, will be in charge of Opel and Vauxhall. Meanwhile, the company is still searching for a new CEO. If we are to trust the recent rumors, Bob Lutz, currently a GM executive, might be the next Opel CEO but the US-based manufacturer is yet to comment on such a scenario.

"As we announced last Tuesday, Opel/Vauxhall will remain a fully integrated member of the New GM family, a decision that is in the best interests of Opel/Vauxhall, its customers, employees, other stakeholders and GM,” said Fritz Henderson, GM president and CEO. “With his deep experience with the Opel and Vauxhall brands, Nick is well suited to lead this transition and to work toward the earliest possible normalization of the business."

Hans Demant, GM Europe vice president Engineering, managing director Adam Opel GmbH, will continue to lead the Opel Management Board and will closely collaborate with Nick Reilly, GM said in a release.

Speaking about Opel's restructuring plans, Bob Lutz said in a statement that General Motors is looking at ways to cut costs by around 30 percent. Voices familiar with the matter are claiming that about 10,000 jobs are to be eliminated from Opel's European operations.

"The restructuring plan developed at the end of last year is still the basis for a profitable business model. The plan foresees a 30 percent cut in structural costs," Lutz told the Swiss newspaper Sonntag. "We will now analyze the current situation carefully and propose relevant measures. We don't expect any fundamental differences to the models discussed so far."