When PSA Group bought Opel from General Motors, it wasn’t expected by the maker of Peugeot-maker to swipe a magic wand to make it better. However, Opel’s losses widened under the new leadership, even as the parent company saw topline and bottom line rise in 2017.
With net income jumping about 12% to about $2.4 billion (or 1.9 billion euros), the auto giant saw revenue soar 21% to about 65 billion euros.
Much to the delight of investors, the French automaker hiked proposed dividend to 0.53 euros per share from the 2016 payout of 0.48 euros per share.
PSA Group bought Opel and Vauxhall from General Motors in the latter half of 2017
Opel goes to experienced hands
PSA Group also named its veteran, Xavier Duchemin, as head of sales of its Opel and Vauxhall brands.
Duchemin will transition from his role as the PSA Retail head and will report to Peter Kuespert, Opel’s head of sales and marketing.
The current head, Ian Hucker, will now assume the role of managing director of Peugeot, Citroen, and DS Automobiles in Austria and Switzerland.
How this new leadership helps the brand is yet to be seen, but Opel — like a rebel teenager in his new home — for now, is bringing in more losses. PSA Group looks like it will be all the more understanding and forgiving, but will the shareholders tow the line?
Shares of Hormel Foods Corporation (NYSE: HRL) were down over 1% on Monday. The stock has dropped 29% year-to-date. The food company is set to report its fourth quarter 2023 earnings
The Kroger Co. (NYSE: KR), a leading grocery retailer that operates both in-store and online, will be reporting earnings this week. The company, which is preparing to acquire rival retailer
Salesforce, Inc. (NYSE: CRM) achieved accelerated sales growth and profitability in recent quarters, in line with its transformation goal. The customer relationship management platform bets on new opportunities in generative