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UPDATE 1-Peugeot names new Citroen, DS brand chiefs
May 7, 2014 / 9:36 AM / 3 years ago

UPDATE 1-Peugeot names new Citroen, DS brand chiefs

(Adds detail, background)

PARIS, May 7 (Reuters) - Citroen chief Frederic Banzet will be replaced by the French car brand’s British operational head, Linda Jackson, PSA Peugeot Citroen said on Wednesday.

Banzet, a member of the founding Peugeot family that is reducing its stake as part of a state-backed tie-up with China’s Dongfeng Motor Group, will move to a new role at the family’s FFP holding company next month.

The reshuffle comes just over a month after Carlos Tavares, a former Renault second-in-command, took over from outgoing Peugeot CEO Philippe Varin.

Peugeot is struggling to stem losses in most of its markets that have forced Europe’s second-biggest carmaker to pursue a 3 billion euro ($4.2 billion) capital increase in which the French government and Dongfeng are acquiring 14 percent stakes to match the Peugeot family’s reduced holding.

The company said strategy director Yves Bonnefont, who currently doubles as deputy head of Citroen, will lead the premium DS marque as it separates from Citroen under the recovery plan unveiled by Tavares last month.

Jackson and Bonnefont will sit on the group’s executive committee along with Peugeot brand chief Maxime Picat. ($1 = 0.7177 Euros) (Reporting by Laurence Frost; Editing by Leila Abboud)

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