Louis Gallois has been named as the first chairman of PSA Peugeot Citröen from outside the founding Peugeot family,
Bloomberg reported.
He received a unanimous vote from members of the company’s supervisory board, the article said.
Gallois, 70, has worked at major French engineering companies, including Snecma, which makes plane engines, corporate predecessors of Airbus and SNCF, France’s state-owned railway company, the article said.
The Peugeot family’s four board seats are being reduced to two. Thierry Peugeot, the current chairman, and his cousin Robert will remain on the 14-member board. Jean-Philippe Peugeot will leave the board and become a non-voting adviser. Marie-Hélène Roncoroni, Thierry Peugeot’s sister, will step down from the board. The family’s ownership stake is dropping from 25.5% to 14%.
China’s Dongfeng Motor Corp. and the French government will each receive two board seats. Dongfeng and France have agreed to each contribute about half the funds for a €3 billion capital increase in exchange for a 14% stake apiece, the article noted. Dongfeng chairman Xu Ping and deputy general manager Liu Weidong will represent their company on the board. Bruno Bezard, France’s general director of public finance, will hold one of the French government seats, the article said. (Source: Bloomberg, March 19, 2014.)
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