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PARIS May 7 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)