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Report – Ex PSA chairman ousted because of renewed criticism

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Report – Ex PSA chairman ousted because of renewed criticism

PSA Peugeot Citroen’s Thierry Peugeot, the former chairman of the company, has been forced out of the company after once more he voiced his disapproval for the way the French automaker increased its cash capital.

Thierry Peugeot, a member of the once ruling Peugeot family, which became deputy chairman after leaving his chairman chair in the wake of the Dongfeng, French state agreement to buy stakes, has always been a prominent critic of the deal.

He even tried to oppose the French-backed tie-up with Dongfeng from his former chairman position, although that was ultimately unsuccessful – both the French government and China’s automaker took matching stakes in PSA, diluting the founding Peugeot family’s one to match – leading to a three way control over the company.

According to a statement coming from the Paris-based carmaker, Thierry Peugeot is now leaving his board duties immediately, and his swift dismissal – according to sources that talked anonymously to Reuters – is due to his renewed criticism against the deal. He once more broke ranks recently in a press interview in which he voiced his dissent.

“There were clearly other options available,” he told french daily Les Echos on June 23. “The market component could have been larger. I’m a liberal, moral capitalist and a defender of free enterprise. When the state buys into the company for the first time in 200 years it necessarily poses questions.”

According to the people, his ousting was swiftly decided on Thursday during a board meeting, and the Peugeot family replaced him with his sister, Marie-Helene Roncoroni.

Via Reuters

by Aurel Niculescu (my Google+) - Friday, July 4th, 2014 - filed under Citroen, Industry, News, Peugeot. Image credit: .
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