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PSA names Streiff as new head as Pischetsrieder quits VW


PSA names Streiff as new head as Pischetsrieder quits VW


PSA Peugeot Citroen’s new chief executive is to be former Airbus head Christian Streiff. He replaces Jean-Martin Folz who is retiring. Streiff quit Airbus last month after just 99 days in the job. Reportedly his position there became untenable after he exposed deep flaws in Airbus’s industrial methods and proposed politically problematic job cuts. He takes on a major task at the French carmaker. Suffering fewer sales its main western European markets, it has issued four profit warnings in the last five quarters.

And it has just been announced that Volkswagen’s chief executive Bernd Pischetsrieder is to step down from Europe’s largest carmaker at the end of the year. Pischetsrieder leaves without seeing through a huge restructuring programme including major job cuts and longer working hours. He will be replaced by the head of VW’s Audi unit, Martin Winterkorn.

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