Tavares to succeed Varin at PSA

Carlos Tavares to succeed Philippe Varin at PSA

Appointed in June 2009 as President of the Managing board of PSA Peugeot Citroën  Philippe Varin, with his management team has defined and led an extensive program of upgrading the Group's strategic, industrial, commercial and financial plans, all in the context of the major crisis that the European automotive industry has been enduring.

As the Managing Board, with the support of the Supervisory Board, has begun negotiations with potentialt partners on industrial and commercial projects, Philippe Varin expressed the wish that the next step of consolidation and development be undertaken under new leadership, enabling the strategy of the Group to be implemented over the longer term.

He asked the Supervisory Board to set up a succession process leading to the rapid appointment of a new member of the Managing Board in order to succeed him in 2014.

After conducting extensive research, the Supervisory Board chose Carlos Tavares to succeed Phillippe Varin as President of the Managing Board. With this aim, Carlos Tavares will join the Group from the 1st January 2014 until his appointment as President of the Managing Board later the same year.

During this period Philippe Varin will continue his mission of carrying out strategic discussions with the various partners as President of The Group. Carlos Tavares will begin his induction into the company and its challenges, and will work with the Managing Board on the action plans aimed at continuing the recovery of the Group.

Thierry Peugeot, President of the Supervisory Board, declared :
" By chosing Carlos Tavares, reknowned automotive industry professional, to succeed Philippe Varin in 2014, the Supervisory Board has ensured that the strategy of recovery and development to overcome the current crisis, a strategy that has been carried out for several years, will continue to be executed over the long term."