CEO Philippe Varin to exit from PSA/Peugeot-Citroen

Article by Anita Panait, on November 26, 2013

Philippe Varin is planning to step down next year as chief executive of French carmaker PSA/Peugeot-Citroen, two people privy with the matter told Bloomberg, adding that the CEO is eyeing former Renault Chief Operating Officer Carlos Tavares to replace him. According to the sources, Varin wants Tavares to initially become his main lieutenant while he concentrates on discussions with Chinese carmaker with Dongfeng Motor Corp. to expand an existing partnership.

One of the sources told Bloomberg that Varin has yet to sign a contract and that the approval of PSA’s board is needed to formalize the agreement. The search for Varin’s successor comes as PSA seeks to partner with Dongfeng or another carmaker to cut its dependence on Europe, where it sells over 50 percent of its offerings. PSA posted EUR510 million ($690 million) in operating losses in the first half of 2013.

Peugeot is seeking a capital hike of at least EUR3 billion, which Dongfeng and France would acquire equal holdings of around 20 percent, people familiar with the matter said in October. Varin told German daily Die Welt in an interview that it would "make sense to deepen the partnership" with Dongfeng. "First you have to find the right industrial projects, then you worry about the necessary financing,”

Varin told Die Welt, referring to the reported plans for Dongfeng to acquire stake in a capital hike.  “You shouldn't put the proverbial cart before the horse." That plan, however, suffered some hiccups as Dongfeng is asking for a smaller stake than first discussed at 10 percent, people familiar with the matter told Bloomberg last week. Sources said that Dongfeng is more interested in expanding an existing industrial partnership than purchasing a stake in PSA.

Topics: psa, peugeot, citroen, ceo

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