PSA/Peugeot-Citroen is reshuffling its management team a month after it installed Philippe Varin as its new chief executive. It is making Linda Jackson as the new Citroen boss, replacing Frederic Banzet. Banzet is a member of the founding Peugeot family that will see its stake in the French carmaker reduced as part of its deeper partnership with Chinese carmaker Dongfeng Motor Group.
He is set to take up a new post at the Peugeot family’s FFP holding company in June. Jackson is the brand's head in the United Kingdom. PSA has also named Citroen strategy director Yves Bonnefont to lead its upscale DS line, which is separating from Citroen as a stand-alone unit.
As head of the Citroen and DS brands, Jackson and Bonnefont will take seats on PSA's executive committee along with Peugeot brand boss Maxime Picat.
The reshuffle comes as PSA is trying to stop its financial bleeding that has forced it to carry out a EUR3 billion capital hike that will see Dongfeng and the French government taking 14 percent stakes in exchange for investing in the company. As a result of the capital hike, the Peugeot family will see its holdings in PSA be trimmed to 14 percent. [source: Citroen]