Change is afoot at PSA. The parent firm of both Peugeot and Citroën is on the verge of securing main funding from the 2 the French government and from Chinese automaker Dongfeng, it just lately named former Renault COO Carlos Tavares as its chief executive officer, and now it has picked its new chairman.
The latter position, when authorized by the shareholders, will belong to 1 Louis Gallois who, as the longtime CEO of aerospace consortium Airbus, is no stranger to the transportation sector. He will, however, be the very first to chair the PSA board from outdoors the Peugeot household, which has been pressured to relinquish manage by France’;s existing Socialist government, with which Gallois maintains sturdy ties.
Gallois won’;t, of course, be the 1st executive to move from a significant aerospace concern to head up a main automaker. Alan Mullaly made a related transition when he moved from Boeing to Ford. (Red Poling, Bob Lutz and JRD Tata, to name just a couple of, all had aviation backgrounds just before getting into the automotive sector as well.) Regardless of whether Gallois can do well in turning PSA all around in the exact same manner that Mullaly did remains to be noticed.
The French automaker is ranked as the eighth biggest in the world (behind Toyota, GM, Volkswagen, Hyundai, Ford, Nissan and Honda) but one of the largest in Europe, ahead of Renault, Daimler and Fiat.
19/03/2014 | Paris
At its meeting on 18 March 2013, the Supervisory Board of Peugeot S.A. unanimously approved the proposed resolutions presented by the Managing Board, which will be submitted to shareholders at the Annual Meeting subsequent 25 April.
In accordance with the info launched final 19 February, a new corporate governance structure will be put into location as a result of the share problems that are subject to shareholder approval. The Supervisory Board will be composed of 6 members representing the crucial shareholders, of 6 independent members and 2 members representing respectively personnel and shareholder workers.
The Board duly noted the resignations of Marie-Hélène Roncoroni and of Jean-François Kondratiuk, Thierry Pilenko, Jean-Philippe Peugeot and Jean-Louis Silvant, successful right after the annual shareholders’; meeting. The Board also took note of the resignation of MM. Thierry Peugeot and Robert Peugeot with impact beneath the same situations they are expected to stay on the Supervisory Board as representatives of companies Etablissements Peugeot Frères and FFP. Jean-Philippe Peugeot will be appointed as Censor to the Board. In addition, Jean-Paul Parayre indicated in 2011 that he wished to resign from office as of the 2014 Annual Meeting.
At the yearly meeting, shareholders will be asked to elect as members of the Supervisory Board 2 firms, Etablissements Peugeot Frères, represented by Thierry Peugeot, and FFP, represented by Robert Peugeot, and, Xu Ping and Liu Weidong, respectively Chairman and Deputy Common Manager of Dong Feng Motor Corporation, and 2 representatives of the French State, SOGEPA and Bruno Bézard, Standard Director of Public Finance.
Shareholders will also be asked to re-elect Louis Gallois to the Board.Soon after the annual shareholders’; meeting, it will be moved that the Supervisory Board appoint Mr Gallois as Chairman.
Patricia Barbizet, Pamela Knapp, Dominique Reiniche, Henri Philippe Reichstul and Geoffroy Roux de Bézieux will remain in workplace, as will Anne Valleron as worker shareholder representative.
In accordance with the new provisions of the bylaws, which will be submitted to shareholder approval in compliance with French Act of 14 June 2013, an worker representative to the Supervisory Board will be designated by the European Works Council following the Yearly Meeting.
In the course of these deliberations, the Board extended its heartfelt thanks to Marie-Hélène Roncoroni, Jean-François Kondratiuk, Jean-Philippe Peugeot, Thierry Pilenko and Jean-Louis Silvant for the top quality of their participation in the Board’;s work. It praised the excellent contribution from Jean-Paul Parayre, Chairman of the Finance and Audit since 2007.
In addition to approving the resolutions concerning the share concerns, which will also be submitted to a shareholder vote, the Supervisory Board unanimously authorised the Managing Board to signal all of the binding contractual documentation with Dong Feng, the French State, Etablissements Peugeot Frères and FFP. These agreements are scheduled to be signed new 26 March.
Lastly, in light of the Group’;s outcomes, the Supervisory Board authorized the Managing Board’;s recommendation to waive the dividend with respect to 2013.