Carlos Tavares to sit as CEO of PSA starting March 31

Article by Anita Panait, on February 23, 2014

Carlos Tavares will officially become the new chief executive of PSA/Peugeot Citroen on March 31 -- just days after the French carmaker, Dongfeng Motor Co. and the French government are expected to sign a EUR3-billion ($4.1 billion) capital tie-up. The tie-up was negotiated by outgoing CEO Philippe Varin. PSA said that Tavares will take over responsibility for group operations at the carmaker ahead of his CEO appointment.

Tavares was the right man of Renault-Nissan CEO Carlos Ghosn, but had a fallout with his former boss after divulging in 2013 that he wanted to run a global carmaker like General Motors or Ford Motor. Analysts have described Tavares as a "car guy" and the right man at the right time for the PSA.

Max Warburton of Bernstein Research noted in an open letter to PSA Chairman Thierry Peugeot last week that Tavares was instrumental at Renault in raising EUR2.3 billion in working capital in just three years by being able to squeeze suppliers, cut logistics chains, trim work-in-progress and press more financial load onto dealers – resulting to savings that were more than twice the cash injection PSA will get from Dongfeng.

Warburton has urged the PSA Chairman to "give Mr. Tavares carte blanche to work fast and aggressively, saying that he is a true man of industry with strong experience of what levers can be pulled – we are convinced he will find more savings than Mr. Varin."

Topics: psa, ceo

If you liked the article, share on:

Comments

Login or Create new account to add a comment!

Recommended

Nearly a decade after Opel and sister brand Vauxhall introduced the Insignia large family car, these companies are now getting ready to unveil the second generation of this offering from...
by - December 7, 2016
After we caught a glimpse of the revamped Amarok, VW Australia once again wants to give its ute a sinister look inspired by the Mad Max movie franchise. The “Korama”...
by - December 7, 2016
Customers in the European market are known for leaning towards style and with this in mind, Nissan has revealed the special LEAF Black Edition. While the production run of this...
by - December 7, 2016
When Volkswagen unveiled the VW Atlas, it declared that this SUV is being developed for the United States and is set to arrive as a 2018 model. It also unveiled...
by - December 7, 2016
Did you miss the opportunity to get a brand new Dodge Viper? Well, here’s something you don’t want to miss. Dodge has announced a “final call” for orders for its...
by - December 6, 2016
Facebook

Youtube Channel

Tip Us
Do you have a tip for us?
Did you film an important event?
Contact us
Newsletter
Subscribe to our newsletter!
Subscribe
Galleries