Report: PSA state backed candidate for chairman also supported by Peugeot family image

According to a report coming from French newspaper Le Figaro, Louis Gallois, a French civil servant could most likely become PSA’s new Chairman, after the government managed to attract the Peugeot founding family’s support on the matter.

As part of the deal that saw China’s Dongfeng and the French state take matching stakes in PSA Peugeot Citroen for a 3 billion euro ($4.2 billion) share issue, besides the new CEO, the company had to also vacate Thierry Peugeot’s Chairman position.

Gallois, who is currently France’s investment commissioner, also had previous executive appointments as head of the SNCF state railway as well as defense group EADS, s being backed by the French state to take the position.

The Peugeot family, which as part of the deal has now a matching 14% stake with Dongfeng and the French state, ceding control of the company it headed for around two centuries, was previously supporting former Nexans leader Gerard Hauser.

Now, according to unidentified sources that talked to Le Figaro, the family position has changed, agreeing with the state view after meetings with Finance Minister Pierre Moscovici and Emmanuel Macron, senior adviser to President Francois Hollande.

Via Reuters