11/26/13

Official: PSA Hires Renault's Ex-COO Carlos Tavares to Lead Company in 2014


French carmaker PSA Peugeot Citro├źn has made an official announcement on the nomination of former Renault executive Carlos Tavares to its Managing Board from January 1, 2014, before he takes over as CEO later in the year replacing 61-year old Philippe Varin, who plans to retire in 2014.

Tavares, who left his position as Renault’s chief operating officer just this past August after more than three decades with the French company and its Japanese affiliate Nissan, will have the daunting task of fixing PSA's troublesome finances during a recession in its home market of Europe, while also expanding the automaker's operations in other regions.

Thierry Peugeot, President of the Supervisory Board, stated : "By chosing Carlos Tavares, reknowned automotive industry professional, to succeed Philippe Varin in 2014, the Supervisory Board ensures that the strategy of recovery and development to overcome the current crisis, a strategy that has been carried out for several years, will continue to be executed over the long term."

In the same statement, PSA said that Varin will remain at the helm of the company during the transition:

"During this period Philippe Varin will continue his mission as President of the Managing Board, in particular with the responsibility of carrying out strategic discussions begun with the various partners. Carlos Tavares will begin his induction into the company and its challenges, and will work with the Managing Board on the action plans aimed at continuing the recovery of the Group."

By partners, we suspect that PSA means the ongoing talks it has China's Dongfeng Motor to grow their existing collaboration, as well as with GM, albeit for the opposite reasons…

Thanks to all who sent in a tip!


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