France’s biggest carmaker PSA Peugeot Citroen has sacked its chairman Christian Streiff after a little over two years in the post and will replace him with Philippe Varin who is the current chief executive of the Anglo-Dutch steel group Corus. He will take over on the 1st June.
Thierry Peugeot PSA Peugeot Citroen supervisory board chairman said in a statement;
“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.”
“I am confident that under the leadership of Philippe Varin, the group will be able, with all the teams, to unlock its potential.”
The French government has already agreed to lend Peugeot Citroen 3bn euros ($4bn; £2.8bn), with a similar loan being agreed for rival firm Renault.
The firm, Europe’s second-biggest car maker, reported an unexpected 2008 net loss of 343m euros and It plans to cut more than 11,000 jobs this year.