Peugeot Citroën CEO ousted

Wall Street Journal

PARIS -- The board of PSA Peugeot Citroën, Europe's second-
largest auto maker by volume, ousted Chief Executive
Christian Streiff on Sunday, saying a change in leadership
was needed to "unlock the group's potential."

..board member Roland Vardan will run the company until
June 1, when the new CEO, Philippe Varin, former chief
executive of steelmaker Corus, will take over. "Given the
extraordinary difficulties currently faced by the
automotive industry, the Supervisory Board decided
unanimously that a change in the senior leadership position
was necessary," said board chairman Thierry Peugeot, in a
statement.

In a statement to Agence France Presse, the 54-year-old Mr.
Streiff said the board's decision was "incomprehensible,"
and that his actions and strategy for Peugeot Citroën had
left it "well-armed to face the current crisis." Mr.
Streiff couldn't be reached directly for comment...

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