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Former Renault No.2 said to be taking the wheel as Peugeot CEO

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Former Renault No.2 said to be taking the wheel as Peugeot CEO

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France’s PSA Peugeot Citroen is set to announce a new Chief Executive Officer, according to sources familiar with the matter.

Carlos Tavares, Chief Operating Officer at Renault until recently, has reportedly been approved by the Peugeot board to succeed outgoing CEO Philippe Varin.

Peugeot has been struggling to return to profit and to expand outside Europe.

Analysts say Tavares is a strong choice to bring the carmaker the stability it needs.

Peugeot shares rose on the news Tavares is set to take over.