Back burner

CYCBTH | July, 2012

The Eurozone crisis has not only stirred the local economy but also has created misfortunes for many other multinational conglomerates. For instance, General Motors' European business including brands like Opel and Vauxhall has booked a loss of $256 million in the first quarter. To tackle the problem, Karl-Friedrich Stracke, the CEO of European wing, General Motor, presented a new plan to rebuild the struggling brands few weeks back. But the CEO abruptly resigned on July 12, 2012 during this turnaround. Analysts have predicted that GM's upper management is becoming more impatient with the slow pace of change in Europe. GM Vice-Chairman Steve Girsky, the head of Opel's Board of Directors and a company troubleshooter, will serve as acting chief of European operations.

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