Saab chairman Peter Augustsson has resigned following parent company General Motors’ rejection of the Swedish marque’s bid to build the next range of mid-sized cars at its Trollhättan plant.

aab chairman Peter Augustsson has resigned following parent company General Motors’ rejection of the Swedish marque’s bid to build the next range of mid-sized cars at its Trollhättan plant.

Augusston, who was also the company’s chief executive, joined the company in 1998 and will leave the manufacturer on April 1 to start his own business.

"I felt that it was the right time for me to move on to something I've wanted to do for some time," Augustsson said.

GM president Carl-Peter Forster will replace Augustsson as Saab chairman and GM chief of sales and marketing in the Nordic region, Jan-Ake Jonsson, will take the role of managing director.

Last week, General Motors awarded the crucial contract to build the company's range of mid-sized cars at the Adam Opel plant in Russelsheim, Germany, instead of Saab's Swedish plant. But GM have assured Saab the plant will continue producing vehicles until 2010, including a Cadillac destined for the European market.

Original article from Car