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Peugeot Citroen boss driven out of office


Peugeot Citroen boss driven out of office


PSA Peugeot Citroen’s Chief Executive Christian Streiff has been given the boot after the French carmaker recently posted a 343 million euro net loss and said it will not make a profit until next year at the earliest.

Like its rival Renault, Peugeot Citroen has had to take a three billion euros loan from the French government. Streiff said he found his sacking “incomprehensible.” He said his cost-cutting plans, major inventory reductions and new model launches means the group was “well equipped to face the crisis.” The unions are cautious: “Monsieur Streiff had the reputation as someone who made a lot of cuts and I think that maybe he was ousted because that didn’t get the desired results. We’ll see what happens with the new CEO.” Streiff’s replacement is Philippe Varin who turned around the Anglo-Dutch steel group, Corus.

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