Opel CEO Stracke resigns
AGAINST THE ROPES: Struggling Opel's CEO Karl-Friedrich Stracke (pictured here in the Rake electric car at the 2011 Frankfurt auto show) has accepted another position within the GM operation.
FRANKFURT, Germany - Opel says CEO Karl-Friedrich Stracke has resigned as head of General Motors' struggling European business to take on special projects for GM.
Adam Opel said in a statement that GM vice-chairman Steve Girsky would serve as acting head of GM's European operations.
GM head Dan Akerson said in a statement that the 56-year-old Stracke "worked tirelessly, under great pressure, to stabilise this business and we look forward to building on his success".
GM is in the midst of a difficult effort to turn around its money-losing Opel and Vauxhall businesses in Europe. A partnership with PSA Peugeot Citroen offers a chance of cutting costs but will not show results for several years.
Meanwhile, Opel is barred for now from closing plants in Germany to cut excess capacity. It was feared four German plants would be closed by 2014 as the automaker struggled to reduce manufacturing costs.