Peugeot interviewing candidates to replace CEO

|About: Peugeot S.A. (PEUGF)|By:, SA News Editor

Struggling PSA Peugeot Citroen (PEUGF) is reportedly interviewing potential replacements for CEO Philippe Varin, who is heading the search for his successor. A source said that the appointment process is "not far from a conclusion."

The interviews come amid pressure from Chinese joint-venture partner Dongfeng (DNFGF), which will only deepen its alliance with Peugeot if the latter makes management changes.

The companies are in talks to extend their co-operation to new markets, and for Peugeot to carry out a €4B share issue in which Dongfeng and the French government would buy stakes in Peugeot. However, the company's founding family are unhappy about the loss of control that a capital hike would entail.