GM: Cadillac President Is Out Amid Falling Sales

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General Motors Company (NYSE:GM) announced that the president of its brand Cadillac is exiting the company.

GM
Source: Cadillac

The move came as a surprise to many as there were no signs suggesting that the company would do so, but President Johan de Nysschen will be leaving Cadillac. The decision comes only days before the release of the company’s new sport utility vehicle, which marks a foray into the luxury vehicle sphere.

GM said that De Nysschen will be leaving immediately, to be replace by Steve Carlisle, who most recently worked as the managing director of GM’s Canadian operations. He previously worked as the lead of Volkswagen AG Audi brand, as well as Nissan and the company’s Infinity brand.

“Looking forward, the world is changing rapidly, and, beginning with the launch of the new XT4, it is paramount that we capitalize immediately on the opportunities that arise from this rate of change,” GM President Dan Ammann said in a statement. “This move will further accelerate our efforts in that regard.”

There were disagreements between De Nysschen and Cadillac dealers as he tried to reduce their numbers as part of an initiative called Project Pinnacle. Under his helm, Cadillac sales increased around the world thanks to rising demand in China.

For the first three months of 2018, Cadillac’s global sales were up 22.5%.

GM stock fell about 0.7% after the news was made public Wednesday.


Article printed from InvestorPlace Media, https://investorplace.com/2018/04/gm-cadillac-johan-de-nysschen/.

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