GM European division leader steps down

7/13/2012

FRANKFURT, Germany -- The CEO of General Motors Co.'s loss-making European business stepped down, a sign that the automaker's top management wants to speed up what has been slow-moving restructuring.

Karl-Friedrich Stracke stepped down two weeks after presenting a new plan to rebuild the struggling European Opel and Vauxhall brands and return them to profitability. A company statement said he will stay with GM and take on special projects, reporting to CEO Dan Akerson.

GM vice-chairman Steve Girsky will serve as acting chief.