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PSA/Peugeot-Citroen removes Streiff from CEO post
Christian Streiff, CEO of PSA/Peugeot-Citroen, has been removed from his position, the company announced today.
Streiff, 54, will be replaced by Philippe Varin, currently CEO at Corus, an Anglo-Dutch steel group. Varin's appointment takes effect on June 1, with Roland Vardanega, a member of the managing board, holding the position in the interim.
"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 convinced that under Philippe Varin's leadership, the PSA group will be able to reveal all its potential," he added.
Varin turned round Corus
PSA said that Varin, 56, would start getting to know his teams from April 15. Varin had worked at French aluminum producer Pechiney for 25 years until 2003, when he took the helm at Corus, which he helped turn around after a period of losses and difficulties.
PSA, Europe’s second largest carmaker by sales behind Germany's Volkswagen, has faced a string of difficulties in recent months.
In February, PSA announced a loss of 343 million euros (455.9 million dollars) for 2008 and is forecasting more losses this year.
France's government has offered three billion euros in loans to shore up PSA and Renault and billions more to their many suppliers to help them weather the storm.
Streiff, a former high-flying executive at planemaker Airbus and glass-maker Saint-Gobain, became PSA’s CEO in February 2007. He succeeded Jean-Martin Folz who retired after 10 years as head of the French carmaker.
Streiff was tasked with improving PSA’s profit margin after years of weak results. Last May, he was hospitalized after a health incident. He returned to work in July and said at the time he had completely recovered.
But question marks had remained over his health. Analysts said that PSA's strategy to weather the crisis was unclear and speculated that Streiff would not be effective as CEO.
Streiff, 54, will be replaced by Philippe Varin, currently CEO at Corus, an Anglo-Dutch steel group. Varin's appointment takes effect on June 1, with Roland Vardanega, a member of the managing board, holding the position in the interim.
"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 convinced that under Philippe Varin's leadership, the PSA group will be able to reveal all its potential," he added.
Varin turned round Corus
PSA said that Varin, 56, would start getting to know his teams from April 15. Varin had worked at French aluminum producer Pechiney for 25 years until 2003, when he took the helm at Corus, which he helped turn around after a period of losses and difficulties.
PSA, Europe’s second largest carmaker by sales behind Germany's Volkswagen, has faced a string of difficulties in recent months.
In February, PSA announced a loss of 343 million euros (455.9 million dollars) for 2008 and is forecasting more losses this year.
France's government has offered three billion euros in loans to shore up PSA and Renault and billions more to their many suppliers to help them weather the storm.
Streiff, a former high-flying executive at planemaker Airbus and glass-maker Saint-Gobain, became PSA’s CEO in February 2007. He succeeded Jean-Martin Folz who retired after 10 years as head of the French carmaker.
Streiff was tasked with improving PSA’s profit margin after years of weak results. Last May, he was hospitalized after a health incident. He returned to work in July and said at the time he had completely recovered.
But question marks had remained over his health. Analysts said that PSA's strategy to weather the crisis was unclear and speculated that Streiff would not be effective as CEO.
