Trouble and Streiff

Posted on 30 Mar 2009 by The Manufacturer

The troubled French automotive giant PSA Peugeot Citroen has parted company with its chief executive officer Christian Streiff.

Streiff’s replacement will be the current Corus chief Philippe Varin, the company has announced.

“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 supervisory board chairman 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.”

The company recorded a €367m operating loss in 2008 and has said it will make 11,000 of its c200,000 global workforce redundant this year. The French government has lent the firm €3bn on the proviso that none of those redundancies are suffered in France.

Varin will officially begin his new role in June. Until then Roland Vardanega, a member of PSA Peugeot Citroen’s managing board, will act as interim chairman.