General Motors' European Opel division CEO Karl-Thomas Neumann has announced that he will step down from his position Monday, effective immediately, according to a report from Reuters.

The resignation precedes the completion of Opel's sale to PSA Group, the French manufacturers of Peugeot and Citroen vehicles, according to The Washington Post. Neumann will remain as a part of the company's management board until the sale is finalized, Opel said in a statement.

CFO Michael Lohscheller will take Neumann's place as Opel's CEO to handle the trasition to PSA Group.