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Opel's CFO quits carmaker

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Opel's CFO quits carmaker



DECEMBER 2, 2009 15:48 CET

MUNICH -- Opel's finance chief Marco Molinari has quit the carmaker to pursue other interests.

Opel said a successor to Molinari, 45, will be “announced in due course.”

The announcement of Molinari's resignation comes a day after Fritz Henderson, CEO of General Motors Co., Opel's parent, unexpectedly resigned after GM's board decided the U.S. automaker needed to push its restructuring faster under new leadership.

Molinari, an Austrian, has been Opel's chief financial officer since 2005.

He joined GM in 1991 as senior financial analyst at the GM treasurer's office in New York and has held several leadership positions with GM and Opel, including assignments in New York, Argentina, Belgium, Switzerland, Germany and Mexico, serving in eight countries on three continents.

Opel Managing Director Hans Demant said Molinari was instrumental in helping Opel win a bridge loan from the German government when GM went into short-lived bankruptcy earlier this year.

"During a very difficult period, Marco Molinari has done a great job for our company and has proven his financial expertise” Demant said in a statement.

Molinari led the Olympia turnaround program at GM Europe and Opel from 2001 to 2003.

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