GM South Korea CEO announces sudden resignation

According to Khabarkhodro, The CEO of General Motors’ South Korea subsidiary has resigned, the company announced in a statement on Friday.

Mike Arcamone’s sudden resignation comes at a time when General Motors and its German union are holding talks that could see GM transferring some production from South Korea to Europe, according to an earlier report from Reuters.

A GM Korea spokesperson said Arcamone stepped down for „personal reasons”, with Bombardier Aerospace today announcing it appointed him as president of its Bombardier Commercial Aircraft division. Arcamone took charge of South Korea’s third-biggest carmaker in October 2009. GM Korea John Buttermore will serve as interim chief, with a replacement for Arcamone to be announced later. Buttermore is GM International Operations Vice President of Manufacturing.

GM Korea is trying to boost sales in the country after changing its brand from GM Daewoo to Chevrolet last March and launching a range of new models. The company is trailing Hyundai Motor Company and Kia Motors in Korea sales.