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French carmaker sacks boss

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French carmaker sacks boss

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Peugeot Citroen have sacked Chief Executive Christian Streiff as France’s biggest carmaker struggles in the current economic climate.

The manufacturer suffered a crippling 344-billion euro loss last year and is looking at further losses this year. The French government has offered the company and Renault 3-billion euros in loans and billions more to their suppliers to help them survive the crisis. The new man in the driving seat is Phillippe Varin the current chief of the Anglo-Dutch steel group Corus and will take up his new post on June 1st. One in ten workers in France is employed in the industry and President Nicolas Sarkozy has made it clear he will allow the motor trade to fail as consumer demand for new vehicles hits the skids.