Nick Reilly, GM Europe vice-president and former Vauxhall Motors' chairman and managing director, will run Daewoo – if the US company's acquisition of the bankrupt Korean motor manufacturer is completed.

General Motors announced Mr Reilly's appointment today. His successor at GM Europe is Jonathan Browning, Jaguar Cars managing director, effective from December 1. He has been charged with returning GME to a "sales and profit leadership position".

Mr Reilly's immediate job is to head up the Daewoo acquisition team.

In a statement Rudy Schlais, GM group vice-president and GM Asia Pacific president, said: “Naming an executive of Nick's stature to lead the transition team is further evidence of the commitment GM has to bring this transaction to a successful conclusion.”

GM signed a memorandum of understanding in September to pay $400m - with two other unidentified partners – for four Daewoo plants. The change of ownership is due to be ratified next month.

Rick Wagoner, president and chief executive officer of General Motors Corporation, said: “These appointments demonstrate the depth of the leadership team we have in place at GM as we continue to grow our global business and extend our global reach. I'm confident Nick's experience and capability will help to assure success in the Daewoo effort for GM and its partners. I'm particularly pleased that Jonathan has decided to rejoin GM to contribute to the turnaround at GM Europe. At this critical stage in the turnaround, his overall industry background and marketing expertise can help accelerate our efforts.”