PSA supervisory board backs CEO Varin, strategy
PARIS, June 20
PARIS, June 20 (Reuters) - The supervisory board of French carmaker PSA Peugeot Citroen said on Wednesday that it supported Chief Executive Philippe Varin and the group's strategy.
"Following rumours that have appeared today in the press the entire supervisory board of PSA Peugeot Citroen wishes to express its complete support for Philippe Varin and the managing board, and also for the current strategy that is in place," the supervisory board said in a statement.
French newspaper La Tribune said earlier that PSA Peugeot Citroen's biggest shareholder, the Peugeot family, wanted Varin and his management team replaced because of a fall in sales and dissatisfaction over its alliance with General Motors.
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