Candidates for new PSA supervisory board chairman trimmed to 2

Article by Christian A., on March 14, 2014

PSA/Peugeot-Citroen is nearing decision over who will become its supervisory board chairman after narrowing the list to ex-Airbus Group chief executive Louis Gallois and ex-Nexans CEO Gerard Hauser, a person privy with the matter told Bloomberg. Thierry Peugeot currently holds the post.

The selection of a new chairman is part of a wider reorganization at PSA that will see board seats of the founding Peugeot family reduced to two from four. The French state and Dongfeng Motor Corp., which have agreed to acquire 14 percent stakes each, will also each have two seats. According to the source, both Gallois and Hauser have already went to China to meet with Dongfeng.

Gallois is currently a member of the PSA board as the representative of French government. He is backed by President Francois Hollande and is the leading candidate. The Peugeot family has elected its two main holding companies -- EPF and FFP – to represent it on the board, the person told Bloomberg.

FFP and EPF are headed by Robert Peugeot and Jean-Philippe Peugeot, respectively. A decision on whether the two cousins will continue their mandates as chiefs of the holding companies -- has yet to be reached, the person disclosed. PSA's board will meet March 18 to for the final decision, the person told Bloomberg. [source: automotive news - sub. required]

Topics: psa

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