Share |

Peugeot sacks non-family CEO

The non-family CEO of PSA Peugeot Citroën has paid the price for the company's poor performance after being sacked yesterday. Christian Streiff's contract was terminated by the France-based company's supervisory board, which is chaired by Thierry Peugeot.

Strieff, who took over the family-controlled organisation in February 2007, will be replaced by Philippe Varin on 1 June. Until then, Roland Vardanega, a member of the managing board, will act as interim Chairman.

"Given the extraordinary difficulties currently faced by the automotive industry, the supervisory board decided unanimously that a change in the senior leadership position was necessary," said Thierry Peugeot. "I am confident that under the leadership of Philippe Varin, the Group will be able, with all the teams, to unlock its potential."

In February, Peugeot was forced to accept a €3 billion loan from the French government aimed at developing greener vehicles, avoiding the closure of its French plants and saving jobs. Two days later, the group announced a net loss of €343 million for 2008.

Peugeot's supervisory board is made up of 12 representatives plus two non-voting advisors – six of these are family members. The group, which was founded in 1882, maintains a global market share of 5% with revenues of €5.4 billion.

Related link
Can the world's automobile families avoid a car crash?

Click here >>