Sources: Carlos Tavares to sit as PSA/Peugeot-Citroen chief executive beginning in March

Article by Anita Panait, on January 28, 2014

Chief executive-in-waiting Carlos Tavares would formally commence his role in PSA/Peugeot-Citroen in March, two sources privy with the matter told Reuters. Tavares has been with PSA since Jan. 1, 2014, but has yet to become the carmaker’s top honcho. PSA had previously disclosed that Tavares would replace current CEO Philippe Varin sometime this year.

"Some observers had thought Tavares could take over by Feb. 19, 2014, when Peugeot announces its annual results,” one of the sources told Reuters, adding that Varin wants to remain as CEO until the Chinese president visits France in March.

PSA is currently holding discussions on a capital injection from the French government and Chinese carmaker Dongfeng Motor Co. "Given that Varin played an important role in the Dongfeng deal, it is completely possible that the replacement can wait until March," the source said.

PSA Chairman Thierry Peugeot has told Le Figaro in an interview that the board would soon decide on the official date of the CEO transition. The board has agreed in principle to a capital hike that would result to the French government and Dongfeng acquiring minority stakes in exchange for investment and the Peugeot founding family ceding control, sources privy with the matter told Reuters.

PSA is seeking raise EUR3 billion ($4.1 billion) in a deal with Dongfeng, after reporting a 4.9-percent drop in global vehicle sales for 2013.The French carmaker has said it requires fresh funds to remain competitive as the European market continues its slump. PSA is also looking to deepen its ties with Dongfeng, with whom it already has a joint venture.

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Topics: psa, peugeot, citroen

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