PSA Peugeot Citroen’s brands chief Jean-Marc Gales has decided to resign. The company said Jean-Baptiste de Chatillon will replace Jean-Marc Gales.
Bloomberg reports that Peugeot’s shares have fallen 57 percent over the past 12 months, making it the worst performer on the 14-member Euro Stoxx autos and parts index.
In addition Reuters reports that PSA’s European deliveries dropped 8.2 percent in January-November despite a series of model launches, outpacing the overall market’s 1.4 percent decline and trimming the group’s market share by almost a percentage point.
PSA Peugeot Citroen (UG), Fiat SpA (F) and General Motors Co. (GM) led the biggest decline in European car sales in five months as the region’s economy slipped closer toward a recession.
Back in November, PSA Peugeot Citroën said it would shed 6,000 jobs in Europe next year as it became the first carmaker to retrench in the face of the Eurozone crisis.
The French group said it was cutting 3,500 full-time and 2,500 temporary jobs, part of €800m of cost cuts the company presented to its European works council in an attempt to restore its core carmaking unit’s competitiveness and profitability.