Arab Today, arab today french carmaker peugeot recruits new chief executive
Last Updated : GMT 00:00:12
Arab Today, arab today
Arab Today, arab today

French carmaker Peugeot recruits new chief executive

Arab Today, arab today

Arab Today, arab today French carmaker Peugeot recruits new chief executive

Paris - AFP

Struggling French automaker PSA Peugeot Citroen said Monday it had recruited the former number two of its competitor Renault to take over as its chief executive next year. "After conducting extensive research, the Supervisory Board chose Carlos Tavares to succeed the current president of the Managing Board," PSA Peugeot Citroen said in a statement. It said Tavaras, a former chief of operations at Renault who also held management posts at its Japanese ally Nissan, would join the board on January 1 and succeed Philippe Varin as chief executive during 2014. PSA Peugeot Citroen shares jumped 5.1 percent to 10.75 euros on expectations of Tavares's appointment and the announcement of a deal with Iran that will lead to temporary relaxation of sanctions in what was formerly a key market for the carmaker. During the transition, Varin will continue carrying out strategic discussions begun with various partners while Tavaras will begin working on efforts to turn around the company's fortunes, the statement said. "By chosing Carlos Tavares, renowned 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," said Thierry Peugeot, chairman of the Supervisory Board. Tavares's appointment at Peugeot comes amid other reports that the company is still in negotiations with Chinese carmaker Dongfeng about a potential capital injection. The head of China's second-biggest carmaker said last month the company was "discussing the rationality" of investing in Peugeot. The hiring of Tavares was widely interpreted as a gambit by cash-strapped Peugeot to satisfy Dongfeng. "Varin appears to be too closely tied to the Peugeot family. Tavaras has a more independent profile and could bring a newer vision, which is being well received by the markets," said a Paris stock broker. In August, Tavares gave an interview in which he said he had little prospect of being able to succeed Renault chief executive Carlos Ghosn as head of the group and left the company abruptly two weeks later. Peugeot, which reported falling sales for the third quarter, is in the throes of a radical restructuring involving deep job cuts and the closure of a factory. It was also rescued last year by means of big state guarantees for its financing and credit arm, and posted a record loss of five billion euros ($6.8 billion). Unlike Renault, which has its alliance with Nissan and budget brand Dacia, or Fiat which has Chrysler, Peugeot initially did not have an alliance or brand elsewhere to help it weather the slump in European car sales to near 20-year lows due to the global financial crisis and eurozone debt crisis. Peugeot struck a strategic alliance with General Motors last year, with GM taking a 7 percent stake in the French carmaker. GM, which owns struggling German carmaker Opel, is looking at Opel and Peugeot to purchase parts and develop vehicles together to reduce overcapacity and generate $2 billion (1.5 billion euros) in savings per year by 2016.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today french carmaker peugeot recruits new chief executive Arab Today, arab today french carmaker peugeot recruits new chief executive

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today french carmaker peugeot recruits new chief executive Arab Today, arab today french carmaker peugeot recruits new chief executive

 



Arab Today, arab today
Arab Today, arab today Youssra depended on colored foam

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam
Arab Today, arab today Lufthansa chief eyes up to 78

GMT 11:29 2017 Thursday ,21 September

Lufthansa chief eyes up to 78
Arab Today, arab today Etiquette expert underlines importance of gifts

GMT 17:52 2017 Sunday ,03 September

Etiquette expert underlines importance of gifts
Arab Today, arab today Rouhani at UN defends Iran nuclear deal

GMT 09:41 2017 Thursday ,21 September

Rouhani at UN defends Iran nuclear deal
Arab Today, arab today Saudi Arabia to unblock internet calling apps

GMT 11:31 2017 Wednesday ,20 September

Saudi Arabia to unblock internet calling apps
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Ministry seeks to improve education

GMT 14:49 2017 Sunday ,17 September

Ministry seeks to improve education
Arab Today, arab today China lifts 10-year travel ban

GMT 18:09 2017 Thursday ,21 September

China lifts 10-year travel ban
Arab Today, arab today Puerto Rico, Virgin Islands brace

GMT 12:01 2017 Wednesday ,20 September

Puerto Rico, Virgin Islands brace
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today Intel chips loaded in Waymo

GMT 14:43 2017 Wednesday ,20 September

Intel chips loaded in Waymo
Arab Today, arab today Five trends at the Frankfurt auto show

GMT 12:04 2017 Monday ,18 September

Five trends at the Frankfurt auto show
Arab Today, arab today Actress Ream Hhagag prepares for a new film

GMT 09:40 2017 Tuesday ,19 September

Actress Ream Hhagag prepares for a new film
Arab Today, arab today France hopeful of persuading Trump

GMT 06:21 2017 Wednesday ,20 September

France hopeful of persuading Trump

GMT 12:14 2017 Monday ,18 September

Horia Farghaly happy for success of “Case G”

GMT 10:35 2017 Thursday ,14 September

New Zealand opposition looks

GMT 16:53 2017 Saturday ,02 September

Mai importance of gifts during Eid Al-Adha

GMT 19:18 2017 Monday ,18 September

5,000 'Dieselgate' deaths in Europe per year

GMT 10:46 2017 Saturday ,05 August

Nanis reveals simple ideas for home renovation

GMT 04:49 2017 Wednesday ,20 September

WHO urges Yemen to accept vaccines

GMT 16:04 2017 Tuesday ,19 September

Egypt tourism revival steady but slow

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 12:46 2017 Thursday ,21 September

Google likely to buy stake in Taiwan smartphone maker HTC

GMT 11:37 2017 Saturday ,12 August

Fashion designer reveals her new collection
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday