Brief fair use excerpt from The Wall Street Journal:
PSA Peugeot-Citroen, Europe's second-largest automobile manufacturer by revenue after VW, said its supervisory board has appointed former Airbus executive Christian Streiff to succeed long-serving Jean-Martin Folz as its chief executive.
New Peugeot-Citroen Chief
Mr. Streiff, 52 years old, had been widely tipped to succeed Mr. Folz in recent weeks after resigning as CEO of European commercial aircraft builder Airbus in early October after only three months at the troubled plane maker. Mr. Streiff complained at the time that he wasn't being given enough autonomy to run the unit of European Aeronautic Defence & Space NV and push through much-needed restructuring.
Mr. Folz has run Peugeot-Citroen, Europe's second-largest automobile manufacturer by revenue after Germany's Volkswagen AG, for nearly 10 years.
Peugeot-Citroen said in a press release that its supervisory board has designated Mr. Streiff to succeed Mr. Folz, and that his nomination will become effective on Feb. 8, 2007. Mr. Streiff will join the company on Nov. 8 to meet its management teams and to get to know the company, the statement said.
Mr. Streiff was a newcomer to the aerospace industry and the first outsider to take the helm at Airbus. The former deputy chief executive of French industrial conglomerate Saint Gobain Group has 26 years' experience running manufacturing and large industrial organizations.
Peugeot-Citroen's financial situation has deteriorated significantly over the last 18 months due to flagging sales in its key Western European markets, fierce price competition, rising raw materials prices and a weak model range.